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Posted: December 22, 2014
Vanderpool and Sternhell of Cignature Realty broker $30 million sale; Six-building Manhattan portfolio acquired by Acuity Capital Partners
Acuity Capital Partners, a Chicago-based private investment firm, has bought six buildings as part of a portfolio containing 102 apartments and 21 retail spaces. The sales price was $30 million.
The buildings in the portfolio include: 1697-1707 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2092 Amsterdam Ave. in Washington Heights, which is within a few blocks of Columbia Medical Center.
"All the properties have tremendous upside in the rents and many of the apartments have preferential rents which the new owners can capitalize on the first few years," said Peter Vanderpool, the president of Cignature Realty Associates (www.cignaturerealty.com). The entire portfolio sold for 12.88 times the current rent roll.
Vanderpool and Cignature Realty's CEO Lazer Sternhell represented the buyer and seller, a local real estate investor.
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