North Manhattan portfolio snapped up

Cignature Realty Associates announced they closed a six-building portfolio sale in Northern Manhattan for $24.5 million that features 147 apartments and four stores. The buyer was Adam Mermelstein/Tree Top Development and the seller a local real estate fund. Cignature Realty's Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller. The portfolio includes: 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street, and 507 West 170th Street. The first part of the portfolio at 565 West 139th Street, a six-story, 7S-feet-wide elevator building, is located in Hamilton Heights, near Broadway in the gentrifying neighborhood between City College and Columbia's new expanded campus. The second part of the portfolio in Washington Heights that includes the three Audubon Avenue buildings and the 169th and 170th Street buildings is located across the street from Columbia Medical Center encompassing five buildings within three blocks.