New York, NY Cignature Realty finalized the sale of a seven-story multifamily elevator building. The property sold for $6.1 million, equating to $194 per s/f.
The property, 512 West 151st St., has a total of 29 residential units and is located between Broadway and Amsterdam Ave, in the Hamilton Heights neighborhood.
The building totals 31,500 s/f.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller in this transaction. Adana Properties LLC was the seller, and the purchaser was 512 W 151 LLC.
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,