Manhattan, NY Cignature Realty handled the $3.95 million sale of 502 West 170th St., a five-story, multifamily apartment building with a total of 20 residential units. The property is located on West 170th St. between Audubon and Amsterdam Aves. in the Washington Heights neighborhood. The 16,350 s/f building sold for $241 per s/f.
Cignature Realty’s Jamie DeNicola represented the buyer, while Lazer Sternhell and Peter Vanderpool represented the seller.
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,