Sternhell and Vanderpool of Cignature close $11.25m sale

Represents Seller, 2261-2273, ACP Residences and Buyer, Treetop Dev.

MANHATTAN, NY Cignature Realty Associates brokered the sale of a three-building Harlem portfolio and vacant lot on Adam Clayton Powell Blvd., located in the borough's Central Harlem section.

The buildings at 2261, 2267-2269 and 2271-2273 and the lot at 2265 Adam Clayton Powell Blvd. sold for $11.25 million or $272 per s/f. The properties total 41,330 s/f and include three, five-story walk-up apartment buildings with a total of 41 apartments and six stores that include a French bistro, Harlem Fried Chicken, Shine World Music Venue, a well-known Harlem bar known for its live music, a new restaurant and a barber shop.

Lazer Sternhell and Peter Vanderpool of Cignature represented both the buyer, Treetop Development and the seller, 2261-2273 ACP Residences LLC.

“This was a great deal,” said Vanderpool. “It gives the buyer 41 apartments with an overall low rent average that they can capitalize on in the near future and six stores encompassing almost a whole block that gives them a great presence in Harlem.”