Cignature Realty: Heritage Realty goes to new Heights
Cignature Realty Associates sold two Washington Heights buildings for $17.2 million.
The buildings include a six-story corner building at 285 Fort Washington Avenue for $11.5 million and a five-story building on 815 West 180th for $5.7 million.
The 37,170 s/f walk-up has 39 apartments, two offices and 21,230 s/f of air rights.
Peter Vanderpool and Lazer Sternhell of Cignature Realty represented both the buyer, Heritage Realty and the seller, a local real estate fund. The building sold for 14.1 times the current rent roll.
According to Vanderpool, a large number of tenants in the building are either young professionals or students associated with Columbia.
“The building still has still has a fairly low rent average leaving a lot of room for future growth potential for the new purchaser,” added Vanderpool. “This is basically a turnkey operation for the new owner with most of the heavy lifting already done by the prior owners.”
The five-story walk-up apartment building on the corner of Pinehurst and West 180th has 25 apartments and sold for 13.5 times the rent roll.
Vanderpool and Sternhell also represented both the buyer, Heritage Realty, and seller, Tal Realty LLC. According to Vanderpool, the building is located in a niche area where product is hard to find.
“Owners don't like to sell in this little neighborhood enclave because it is that good,” said Vanderpool.
“The purchaser who has other assets in the area felt this was a great addition to his portfolio.”