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 s/f, 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 psf.
The five-story, walk-up buildings at 471-476 Central Park West have a total of 125 apartments – mostly rent-regulated units.
This is the third deal the firm arranged this year for the Harlem-based Sugar Hill Partners.
It also 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 s/f vacant retail space.
In that deal Cignature Realty also represented the seller, Quantum Equities.