Shamah Properties: City first

Shamah Properties has purchased a 48-unit, six-story elevator apartment building in Hamilton Heights for $13.5 million. This is the buyer’s first Manhattan acquisition.

‘We are very excited aboutr our company’s first foray into Manhattan market,” said Alan Shamah, CEO and partner of Shamah Properties.

The 42,144 s/f building at 672 Saint Nicholas Avenue sold for 14.5 times the rent roll. It was built in 1915.

Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both Shamah Properties and the seller, 672 Saint Nicholas Avenue LP, a local fund.

“The area surrounding this building is gentrifying at a rapid pace which is improving the assets value for long term growth,” said Sternhell. “This building is filled with longtime tenants who love living at the property, along with college students and young professionals.”