Cignature Realty Closes Upper Manhattan Six-Building Sale: Treetop Development Is Buyer

Cignature Realty Associates 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/Treetop 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, 75-foot-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.

“This is the second time we sold 565 West 139th Street and the third time we sold 27-29 and 79 Audubon Avenue – the buildings keep getting better and better,” said Vanderpool.