Crest Realties Acquires Washington Heights Multifamily Building for $9M
Real estate investment firm Sugar hill Capital Partners has sold a 47-unit mixed-use building in Hamilton Heights to Brooklyn-based multifamily landlord Galil Management, formerly known as E&M Associates, for $25.5 million.
The six-story, 65,050 s/f elevator building at 3621 Broadway has 47 apartments, eight stores and an art studio. The building also includes 31,175 s/f of air rights.
Cignature Realty Associates’ Peter Vanderpool and Lazer Sternhell, who represented the buyer and the seller, said Galil Management plans to hold the asset and increase the income of the building.
“This is an extremely large Broadway building on the corner of West 149th Street, a neighborhood that is blossoming on a daily basis,” said Vanderpool. “The building is home to up-and-coming artists and their workshops in the basement.”