Cignature Realty Associates closes three sales totaling $109.6 million; Includes $23 million sale of
New York, NY According to Cignature Realty Associates, the firm closed three deals totaling $109.6 million.
In the first sale, a private investor bought a mixed-use building at 1616 Amsterdam Ave. 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 sale 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 the buyer and seller.
1616 Amsterdam Avenue, Hamilton Heights – New York, NY
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 $1,050 per s/f. 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 Sts., with over 160 ft. 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.
“We are pleased to bring these transactions to a successful close,” said Sternhell CEO of Cignature Realty. “Our strict focus on the Manhattan multifamily market allowed for us to identify and complete these off market 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 s/f vacant retail space. In that deal, Cignature Realty also represented the seller, Quantum Equities.
Cignature Realty Associates is a fast growing commercial real estate brokerage firm that specializes in the sale of off-market multifamily properties in Manhattan.