Manhattan, NY Cignature Realty Associates LLC closed the $6.225 million sale of a multifamily building in the Hamilton Heights neighborhood.
The 15,072 s/f building, located at 3694 Broadway, between West 152nd and West 153rd Sts. is a six-story multifamily building containing at total of 25 apartments. It was built in 1910.
Cignature Realty Associates’ Peter Vanderpool represented the seller, Sugar Hill Capital Partners and the buyer, City Skyline Realty, a local private investment company.
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,