Washington Heights Five Building Portfolio Closes for $101.5 Million

A five-building rental portfolio known as the Fort Riverside portfolio closed last week for $101.5 million or about $300 per square foot.

The six-story elevator buildings spread out along Fort Washington Avenue and Riverside Drive, contain 289 apartments and span 341,148 square feet. The addresses are 66-72, 80 and 86 Fort Washington Avenue and 838 and 884 Riverside Drive.

The package also includes a combined 199,000 square feet of air rights. Of the 289 apartments, 104 are renovated. About 62 percent of the apartments are rent regulated and rent for about 50 percent of the market rate at $20 per square foot. Cignature Realty Associates CEO Lazer Sternhell and President Peter Vanderpool represented the buyers, a group of real estate investors led by Joshua Sternhell and David Katz. Cushman & Wakefield's Robert Shapiro, Bob Knakal and Jonathan Hageman represented the sellers, Sentinel Real Estate Corporation.