Vanderpool and Sternhell of Cignature Realty Associates represent Shamah Properties and the seller, 672 Saint Nicholas Avenue LP in $13.5 million sale

Shamah Properties, a multifamily owner based in New Jersey, has purchased a 48-unit, six-story elevator apartment building in Hamilton Heights across from the City College campus for $13.5 million. This is the buyer's first Manhattan acquisition. Shamah Properties and its management company, Shamco Management, currently own and manage several properties in Brooklyn and the New York metropolitan area. "We are very excited about our company's first foray into Manhattan market, said Alan Shamah, CEO and partner of Shamah Properties. The 42,144 s/f building at 672 Saint Nicholas Avenue sold for 14.5 times the rent roll. It was built in 1915. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both Shamah Properties and the seller, 672 Saint Nicholas Avenue LP, a local real estate fund. "The area surrounding this building is gentrifying at a rapid pace which is improving the assets value for long term growth," said Sternhell. "This building is filled with longtime tenants who love living at the property, along with college students and young professionals who want an alternative to the higher prices of midtown."