Vanderpool and Sternhell of Cignature close $7.65m Hamilton Heights sale
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.
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.