Brooklyn-based multifamily landlord Galil Management, formerly E&M Associates, acquired the mixed-use building at 3621-3629 Broadway in New York City from Sugar Hill Capital Partners for $25.5 million.
Built in 1920, the six-story, 65,050-square-foot elevatored building is comprised of 47 residential units, eight commercial stores, and an art studio. The deal also includes 31,175 square feet of additional air rights.
“This is an extremely large Broadway building on the corner of West 149th Street, a neighborhood that is blossoming on a daily basis,” said Peter Vanderpool, broker with Cignature Realty Associates. “The building is home to up-and-coming artists and their workshops in the basement.”
The seller recently gut-renovated many of the apartments, which include a mix of two-, three-, four-, and five-bedroom layouts with asking rents between $672 and $3,400 per month. The building sits on one-third of an acre in the Harlem submarket of Manhattan.
Peter Vanderpool and Lazer Sternhell at Cignature Realty Associates represented the seller and the buyer, who plans to hold the asset and increase rental income from the building.
Please see CoStar COMPS #3282156 for additional information on this transaction.