Cignature Realty Associates announced that a private investor has bought a mixed-use building at 1616 Amsterdam Avenue in Hamilton Heights for $23 million from Sugar Hill Capital Partners.
The 58,810 square foot, seven-story, 1916 elevator building features a mixture of 54 free market, rent-stabilized and rent controlled apartments.
The sales price was 17.3 times the current rent roll. The building also houses a grocery/deli, coffee shop, laundromat and Mexican restaurant on the street level.
Cignature Realty's Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller.
Earlier this year, Cignature Realty also brokered a large off-market four-building portfolio in the Upper West Side's Manhattan Valley to Sugar Hill Capital Partners for $65 million or about $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-square-foot structure, spans 61,875 square feet, with an additional 30,000 square feet in air rights.
"We are pleased to bring these transactions to a successful close," said Lazer Sternhell CEO of Cignature Realty. "Our strict focus on the Manhattan multi-family market allowed for us to identify and complete these off market transactions."
Cignature Realty Associates is a fast growing commercial real estate brokerage firm that specializes in the sale of off-market multifamily properties in Manhattan. Over the last few years the firm has closed more than $4 billion in hundreds of multi-family transactions.
This is the third deal the firm arranged this year for the Harlem-based investment firm Sugar Hill Partners. It also recently represented Sugar Hill in their $21.6 million purchase of 4300 Broadway in Upper Manhattan, a six-story elevator building with 54 residential units and one 6,000-square-foot vacant retail space. In that deal Cignature Realty also represented the seller, Quantum Equities.