Cignature Realty Associates announced they recently closed an $8.8 million mixed-use building sale and a $3.25 million apartment building sale, both in Washington Heights.
The $8.8 million six-story elevator building at 611 West 177th Street is a corner building at Wadsworth Avenue with 44 apartments and three professional offices. The 41,298-square-foot building was built in 1927. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the seller, 611 West 177 Street LP, a real estate fund. The buyer, 611 Realty Associates LLC, is a local real estate investor. The building sold for 11.8 times the current rent roll.
“Buildings such as these have a lot to offer investors and owners and include significant upside potential,” said Cignature President Peter Vanderpool.
The second, five-story walk-up building at 446 West 164th Street with 20 apartments, sold for $3.25 million and is located between Edgecombe and Amsterdam Avenue. The 14,625-square-foot building, built in 1906, sold for 10.3 times the rent roll. Cignature
Realty represented both the seller, 446 West 164th Street Holdings LP, a real estate fund, and the buyer, 446 W 164 LLC.