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Brokerage
Posted: March 1, 2016
Sternhell and Vanderpool of Cignature arrange $65 million sale of four-building portfolio
Lazer Sternhell, CignatureManhattan, NY Cignature Realty Associates has brokered a large off-market four-building portfolio in the Upper West Side’s Manhattan Valley to Sugar Hill Capital Partners for $65 million or $1,050 per s/f.
The five-story, walk-up buildings at 471-476 Central Park West have a total of 125 apartments – mostly rent-regulated units. The buildings are located between West 107th and 108th streets, with over 160 ft. of frontage on Central Park West. The site, that allows for the development of a roughly 92,000 s/f structure, spans 61,875 s/f, with an additional 30,000 s/f in air rights.
Peter Vanderpool, CignatureCignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, David Schwartz of Sugar Hill Capital Partners and the seller, local long-time investors Benjamin Hadar and Leonard Solomon of Upwest Co. LLC.
“We are pleased to have been able to bring this transaction to a successful close.” said Sternhell. “Our strict focus on the Manhattan Multi-family market allowed for us to identify and complete this off market transaction. It is truly a win-win for both Sugar Hill and Upwest.”
Cignature Realty Associates is a fast growing commercial real estate brokerage firm that specializes in the sale of off-market multifamily properties in Manhattan. Over the last few years the firm has closed more than $4 billion in hundreds of multi-family transactions.
This is the second deal the firm arranged this year for the Harlem-based investment firm Sugar Hill Partners. It recently represented Sugar Hill in their $21.6 million purchase of 4300 Broadway in Upper Manhattan, a six-story elevator building with 54 residential units and one 6,000-square-foot vacant retail space. In that deal Cignature Realty also represented the seller, Quantum Equities.
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