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Brokerage
Posted: December 20, 2016
Sternhell and Vanderpool of Cignature Realty Associates broker $101.5 million sale
884 Riverside Drive - Manhattan, NYManhattan, NY A five-building rental portfolio known as the Fort Riverside portfolio closed for $101.5 million or about $300 per s/f. The six-story elevator buildings spread out along Fort Washington Ave. and Riverside Dr., contain 289 apartments and spans 341,148 s/f. The addresses are 66-72, 80 and 86 Fort Washington Ave. and 838 and 884 Riverside Dr.
The package also includes a combined 199,000 s/f of air rights. Of the 289 apartments, 104 are renovated. Also, 62% of the apartments are rent regulated and rent for about 50% of the market rate at $20 per s/f.
Cignature Realty Associates CEO Lazer Sternhell and president Peter Vanderpool represented the buyers, a group of real estate investors led by Joshua Sternhell and David Katz. Cushman &Wakefield’s Robert Shapiro, Bob Knakal and Jonathan Hageman represented the sellers, Sentinel Real Estate Corp.
Cignature Realty is a commercial real estate brokerage company located in New York City. The company, a leader in multifamily and mixed-use apartment building sales, provides deal execution supported by market intelligence for a broad range of real estate investors, from single-property owners and family portfolios to institutional and private equity funds. The Cignature Realty team has closed hundreds of commercial real estate transactions and has accumulated multiple awards recognizing their achievements and contributions to the NY real estate industry.
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