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

Glenn Raff, Alpha Realty

Lev Mavashev, Alpha Realty

Scott Schwartz, Alpha Realty

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. 

530 West 136th Street - Manhattan, NY

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.