Manhattan, NY Cignature Realty Associates brokered the $9.4 million sale of a five-story corner multifamily walk-up building in the Inwood neighborhood to Hillcrest Acquisitions. The seller was Geisinger Equities.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the buyer and seller.
The building, which was built in 1928, is located at 546 Isham St. at the southeast corner of Isham & Vermilyea Ave. It is 37,700 s/f and features 49 apartments: 32 one-bedrooms, 10 two-bedrooms, 4 three-bedrooms and three studios. None are free market.
The transaction traded at $249 per s/f on a price per unit basis at $191,836.
Geisinger Equities, led by Larry Geisinger, bought the 1928 property in 1985, the brokers said.
“The building was in great condition with no heavy lifting needed in terms of repairs [and] the average rent per apartment and the average rent per room were very low, leaving the new owner with tremendous potential to increase the rent roll,” Vanderpool said.
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