Manhattan, NY Cignature Realty facilitated the sale of a 5-story multifamily elevator building for $8 million.
The property, 51 Bennett Ave., has a total of 49 residential units and is located on the southeast corner of Bennett Ave. and West 184th St. in Washington Heights. The 36,565 s/f building sold for $219 per s/f.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, Prana Investments, and the seller, 51 Realty CO LLC, in this transaction.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,