NEW YORK, NY
Cignature Realty Associates recently closed the $7.65 million sale of a 25-unit Hamilton Heights multifamily building near Riverside Park. The six-story, 31,000 s/f elevator building at 605 West 151st St. was sold to Big City Realty. The seller was Waterbury Realty Management.
Cignature Realty Group’s Peter Vanderpool and Lazer Sternhell represented both the buyer and the seller in the transaction.
The 1920 building also features a superintendent’s basement unit and 14,136 s/f of air rights, according to Vanderpool. It sold for 19.5 times the current rent roll and has a 2.5% cap rate.
“The buyer plans on holding the property for a while and increasing the rent roll,” said Vanderpool.
Cignature Realty Associates is a fast growing commercial real estate brokerage firm that specializes in the sale of off-market multifamily properties in Manhattan.