Cignature in The News – "Harlem and Park Slope apartment buildings lead mid-market sales"
The Real Deal – March 30, 2021 07:30AM
By Orion Jones
Deeds were flying around northern Manhattan last week as a portfolio of six buildings sold in West Harlem and a future development site traded hands in East Harlem.
Meanwhile, an apartment building in Prospect Park fetched the highest price in the middle of New York City’s real estate investment sales market, defined by The Real Deal as between $10 million and $30 million, and an office building sold in the Bronx.
1. Greenbrook Partners purchased a 36,600-square-foot, 30-unit apartment building at 70 Prospect Park West in Park Slope for $15 million. The seller was 3M Associates Limited Liability Company. Gregory Fournier signed for the buyer.
2. Joseph Briody purchased a 40,000-square-foot office building at 450 Zerega Avenue in Castle Hill for $14.5 million via limited liability company 635 Columbus. The seller was another LLC, Zerega Hill Properties. Michael LaVallie, CEO of school bus company GVC Ltd., which operates from the building, signed for the seller.
3. Brooklyn investor Howard Hershkovich purchased six residential buildings in West Harlem for $11 million through limited liability company HF Morningside. The 54,600-square-foot portfolio has 62 units between Morningside and Manhattan avenues, at 353 West 115th Street and 362, 364, 366, 368 and 370 West 116th Street. Mitchell Hirth signed for the seller, a limited partnership affiliated with Hirth Real Estate. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller.
4. Jorge Madruga’s Maddd Equities purchased a 6,500-square-foot building at 132 East 125th Street in East Harlem for $10.75 million. The seller was WRA properties. Madruga is reportedly pursuing a 100,000-square-foot commercial development that includes 124 East 125th Street, which Maddd picked up next door for $15 million from Dream Charter School in November. The developer said he has purchased 17,000 square feet of air rights for the project.