Raff, Mavashev and Schwartz of Alpha Realty sell 41,520 s/f for $14.5 million; Bajaktari sells to Steeplechase Design

Manhattan, NY According to Alpha Realty, the firm has completed the sale of 530 West 136^th St. in the Hamilton Heights neighborhood for $14.5 million. Managing partners Glenn Raff and Lev Mavashev represented the sellers while Alpha’s Scott Schwartz represented the buyer. The deal achieved a $349 per s/f and a 3.5% cap rate. The purchasing party was Steeplechase Design, while the sellers were long term owners the Bajaktari family. 

The 6 story elevator building consisted of 37 apartments and a ground floor retail space occupied by a deli. The 41,520 s/f building had a mix of two-, three- and four-bedroom units.

“The previous owners took great care of the building. The apartments were huge making it a possible condo play somewhere in the future” said Raff. 

“The property generated immense interest, as any Manhattan building would, but this was especially attractive due to the long-term ownership. Buyers picked up a rare asset with a strong value-added component,” said Mavashev.

“I expect to see many more deals in this area of a similar nature unfold in the near future,” said Schwartz.

Alpha Realty has been very active in brokering multifamily deals throughout the boroughs.