Treetop Development Pays $24.5M for Multifamily Portfolio

September 19, 2014

Perseus Capital Mgmt, Langsam Property Svcs JV Divests 147 Units, 4 Stores in Manhattan

 

Perseus Capital Management and Langsam Property Services sold six multifamily buildings in New York City to Treetop Development for $24.5 million, or about $162,000 per unit.

 

The deal totals 117,903 square feet and includes 565 W. 139th St., 516 W. 169th St., 507 W. 170th St., and 27, 29 and 79 Audubon Ave. in Washington Heights and Hamilton Heights submarkets of Manhattan. The buildings were all pre-war and all are five or six stories tall. The portfolio totals 147 apartment units and four retail stores.

 

Lazer Sternhell and Peter Vanderpool with Cignature Realty represented both the buyer and the seller in the deal.

 

“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,” exclaimed Vanderpool. “There is still a tremendous amount of upside due to the low rents and the rapid pace of gentrification with Columbia University’s development of their second campus in close proximity to 565 West 139th Street and the booming, vibrant community the hospital has created where the other buildings in this portfolio are located.”

Please reload

Recent Posts

Please reload

News Archive

Please reload

Search By Tag

Please reload

Information contained herein is from sources deemed reliable but is subject to errors, omissions, change of price or terms, and withdrawal without prior notice at any time. © 2015 - 2017. Cignature Realty and the skyline quadrilateral are registered trademarks of Cignature Realty Associates Inc.
Cignature Realty Associates Inc  //  Licensed Real Estate Brokers
825 West End Avenue, Suite 1A  //  New York, NY 10025 
212 643-1880

Main Menu

Investment Sales

Lending Solutions

  • Grey Twitter Icon