Sugar Hill Properties Makes $65M UWS Buy
Cignature Realty Associates has brokered the off-market sale of a four-building Upper West Side portfolio for $65 million.
Sugar Hill Capital bought the Manhattan Valley properties at a price that equates to $1,050 per square foot.
The five-story, walk-up buildings at 471-476 Central Park West have a total of 125 apartments, mostly rent-regulated units.
The buildings are located between West 107th and 108th streets, with over 160 feet of frontage on Central Park West.
The site, that allows for the development of a roughly 92,000 s/f structure, spans 61,875 s/f, with an additional 30,000 s/f in air rights.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, David Schwartz of Sugar Hill Capital Partners, and the seller, local long-time investors Benjamin Hadar and Leonard Solomon of Upwest Co. LLC.
“Our strict focus on the Manhattan Multi-family market allowed for us to identify and complete this off market transaction. It is truly a win-win for both Sugar Hill and Upwest,” said Sternhell.
This is the second deal the firm arranged this year for the Harlem-based investment firm Sugar Hill Partners.
It also represented Sugar Hill in its $21.6 million purchase of 4300 Broadway recently.