Prana Investments Buys $45.5 Million Washington Heights Portfolio Sale
Prana Investments has purchased a $45.5 million portfolio of three, five-story multifamily walk-up buildings with 195 units in Washington Heights. The San Francisco-based Prana Investments owns real estate assets in California and New York. The seller was A & E Real Estate Holdings, headed by Douglas Eisenberg.
Cignature Realty's Lazer Sternhell and Peter Vanderpool represented the buyer and Rosewood Realty's Aaron Jungreis represented the seller in the transaction that closed last week.
The buildings, which were built between 1920 and 1925, are located at 37 Sickles and 30 Sickles Street and 95 Thayer Street. Together they total 148,850 square feet and have a cap rate of cap rate of 3.8 percent. They sold for $305 per square feet or 14.6 times the current rent roll.