PH Realty Capital & Rockledge purchase 53,815 s/f building for $11.35 million

Manhattan, NY In partnership with Peter Hungerford of PH Realty Capital, David Kaye and Joe Listhaus of Rockledge purchased 401 and 405 Edgecombe Ave. The purchase includes two contiguous walk-up buildings containing 66 units and spanning 53,815 square feet in the Sugar Hill area. The property was purchased for $11.35 million, equating to $172,000 per unit and $211 per s/f. The going-in cap rate was 6.5%.