Treetop Development Pays $24.5M for Multifamily Portfolio

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.”