Sternhell and Vanderpool of Cignature broker $24.5 million sale; Portfolio sold to Adam Mermelstein/Tree Top Development

Cignature Realty Associates closed a six-building portfolio sale for $24.5 million that features 147 apartments and four stores. The buyer was Adam Mermelstein/Tree Top Development and the seller a local real estate fund. Cignature Realty's Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller. The portfolio includes: 565 West 139th St., 27-29 Audubon Ave., 79 Audubon Ave., 516 West 169th St. and 507 West 170th St. The first part of the portfolio at 565 West 139th St., a six-story, 75-feet-wide elevator building, is located in Hamilton Heights, near Broadway in the gentrifying neighborhood between City College and Columbia's new expanded campus. The second part of the portfolio in Washington Heights that includes the three Audubon Ave. buildings and the 169th and 170th St. buildings, is located across the street from Columbia Medical Center encompassing five buildings within three blocks. "This is the second time we sold 565 West 139th St. and the third time we sold 27-29 and 79 Audubon Ave., the buildings keep getting better and better," said Vanderpool. "There is still a tremendous amount of upside due to the low rents and the rapid pace of gentrification with Columbia University's development of their second campus in close proximity to 565 West 139th St. and the booming, vibrant community the hospital has created where the other buildings in this portfolio are located," said Vanderpool. "The purchaser realized the quality of these assets and the level of how quickly these properties appreciate," added Vanderpool.