Shamah Properties has closed an $11.1 million deal for a six-story elevator building at 880 Saint Nicholas Avenue in Hamilton Heights. Cignature Realty’s Peter Vanderpool and Lazer Sternhell represented Shamah Properties and their principals Alan Shamah, Eddie Setton and Carl Zekaria, in the purchase of the 37-unit property. Cignature also represented the seller, 880 St. Nick LLC. The cap rate was 3.8 percent.
Shamah Properties currently owns and manages some 25 buildings with 1,700 rental units in Brooklyn neighborhoods such as Flatbush, Crown Heights, Prospect Heights, Washington Heights and East Orange, New Jersey. Shamah has been expanding its portfolio of rent-stabilized and free-market buildings in recent years.
The company entered the Manhattan market for the first time in November 2014 with the $13.5 million purchase of 672-674 Saint Nicholas Ave, a 48-unit six-story elevator building in Hamilton Heights. In March 2015, they purchased a $44 million eight-building Manhattan portfolio in Washington Heights with 184 rental apartments.