Manhattan, NY Trion Holdings acquired a four-building Washington Heights’ portfolio for $31.15 million. The principal investor is Filippo Milio, the managing partner is Carmelo Milio, CPM and Louis Pfaff, MBA, who served as the acquisition manager. The sellers were Aaron Drazin, of Montreal-based Crest Realties and Chaim Simkowitz’s of Brooklyn-based Guardian Realty Management. Bruno Caruso was the seller’s acquisition manager and Daniel Pollak of ZP Realty Capital represented both sides.
The properties acquired include three adjacent rental buildings at 554-558 West 181st St. and a fourth building, at 565 West 181st St. All of the buildings are five-story walk-ups with ground-floor retail and basement storage space. Collectively, the buildings contain 76,000 s/f, including 57 apartments and nine stores. The apartments have a mix of both market rate and rent stabilized apartments.
Given the market appeal and presence on busy 181st St., multiple parties were interested and actively competing for the purchase. When inquired on how the deal was won, Carmelo Milio, who serves as the chief investment officer of Trion Holdings and the president of the Building and Realty Institute based in Westchester County, said, “In addition to our strong offer, I believe our reputation for acting quickly, dealing fairly, and performing as agreed were key to winning the deal. The most important factors on why we acquired the asset were the excellent location and above average upside in residential rents.”
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