Cignature Realty Closes Two Deals In Hell's Kitchen for $27 Million

Cignature Realty Associates has closed two deals in Hell's Kitchen. The first of which is a $11.5 million sale on a five-story, mixed-use multi-family building in Hell's Kitchen in Manhattan.

 

The building, at 818 10th Avenue, between West 54th and West 55th Street, has 12 residential apartments and two stores that include Mexican restaurant, Mamasita Mex and the White Oak Oyster Bar and Lounge that features outdoor backyard seating.

 

The 12,330 square feet walk-up building was built in 1910. It sold at a 4.6 percent cap rate and for 16.58 times the current annual rent roll. The price per square foot is $932.68.

 

Cignature Realty's Peter Vanderpool represented both the seller local interest group and the buyer, Trion Real Estate Management.

 

The second sale was of a three-building multifamily portfolio with 34 low rent apartments in the Hell's Kitchen section of Manhattan for $15.5 million.

 

The three building portfolio includes: 439 West 48th Street with 12 apartments, 41 West 48th Street with 12 apartments and 443 West 48th Street with 10 apartments.

 

The three adjacent, five-story buildings were owned by the same long-term owner for 39 years and together total 24,515 square feet. They were built in 1901.

 

They sold for 23.36 times the current annual rent roll and at a 2.38 percent cap rate. The price per square foot is $632.

 

Cignature Realty Associates represented the buyer, a private interest fund and Cignature Realty's Michael Rahimzada represented the seller, Yaron LLC.

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