New York, NY Cignature Realty recently closed a 10-building multifamily portfolio for $92 million. The portfolio, referred to as the Yeshiva Portfolio, is comprised of 407 residential units and four commercial units.
The properties, 399 Audubon Ave., 400 Audubon Ave., 403 Audubon Ave., 407 Audubon Ave., 90 Laurel Hill Terr., 110 Laurel Hill Terr., 497 West 182nd St., 501 West 184th St., 556 West 185th St. and 480 West 187th St. are located in Washington Heights.
The 377,540 s/f portfolio sold for approximately $244 per s/f.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller in this transaction.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,