Manhattan, NY Cignature Realty Associates Inc. closed the $18.45 million sale of a six-story elevator apartment building with 34 residential and seven commercial units in the Hamilton Heights neighborhood.
3440 Broadway is located on the northeast corner of Broadway and West 140th St. The 47,714 s/f building was built in 1906.
The building’s commercial units include five retail stores and two professional offices.
Cignature Realty’s Peter Vanderpool represented the buyer, Big City Realty LLC.
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,