Manhattan, NY Cignature Realty Associates closed the sale of a three-building multifamily portfolio with 34 low rent apartments in the Hell’s Kitchen neighborhood for $15.5 million.
The three building portfolio includes:
• 439 West 48th St., with 12 apartments;
• 441 West 48th St., with 12 apartments; and
• 443 West 48th St., 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 s/f. The properties sold for 23.36 times the current annual rent roll and at a 2.38% cap rate. The price per s/f is $632.
Cignature’s Lazer Sternhell, Peter Vanderpool and Michael Rahimzada represented the seller, Yaron LLC., and the buyer.