Crest Realties, a Montreal-based real estate investment group, now owns an entire Manhattan block with the purchase of a prime Washington Heights multi-family building for $9 million.
This newest addition to their portfolio, 140 Wadsworth Avenue, is a six-story elevator building with 31 apartments and four professional offices, located on the corner of West 180th Street. The property is adjacent to 4240 Broadway and a few blocks up from 4300 Broadway, two multi-family properties which Crest Realties purchased in November 2013 for $23.7 million.
Cignature Realty Associates Peter Vanderpool and Lazer Sternhell represented Crest Realties in both sales and also the seller of 140 Wadsworth, a local family estate. The recent buy, a 39,578 square foot multi-family building, sold for 15.6 times the current rent roll.