Vegh of Westwood brokers $35 million for 12-building Central Harlem portfolio

Steven Vegh, Westwood Realty Associates

Manhattan, NY Novel Property Ventures, a new joint venture between Bennet Berger and Andrew Miller, closed on a 12-building portfolio in Central Harlem for $35 million. The properties located at located at 222 St. Nicholas Ave., 2268 and 2500 Frederick Douglass Blvd., 262 West 115^th St. and eight buildings 234-262 West 122^nd St., consist of 132 residential units,three commercial spaces and combined total of 130,000 s/f.

Central Harlem has seen a tremendous up-kick in rents and gentrification, specifically below W. 125^th St. and on the Frederick Douglas Blvd. corridor. A majority of the portfolio is located on W. 122^nd which are adjacent a new eight-story, 41-unit new construction project, developed by Sutton Management and down the block from Gorjian new condo development, 220 St. Nicholas Ave.

Steven Vegh, president of Westwood Realty Associates, was the sole broker on this off market transaction.

222 St. Nicholas Avenue, Central Harlem - Manhattan, NY

The seller, N.J.-based Treetop Development purchased the buildings in August 2013 for $22 million and has significantly improved the common areas and many of the units, while still leaving plenty of upside for the new owners. “This portfolio is the perfect example of how picking the neighborhoods, identifying underutilized properties, effective management and recognizing right time to buy and sell can pay tremendous dividends,” said Mermelstein.

“New York City is full of neighborhoods on the brink of rebirth,” said Treetop’s Mandel. “We’re consistently monitoring markets and are reinvesting the profits from these sales into new apartment buildings in these untapped locations. We bring our trademark approach to investment and renovation to these properties, increasing our portfolio of homes affordable to working middle-class families, young professional singles and couples and students.”

The deal comes on the heels of the sale of a 50-unit walk up apartment building located at 17 West 125^th St. in central Harlem which Treetop Development sold to Thor Equities for $30.6 million last week. Treetop purchased the building in 2013 for $13.6 million. Vegh also served as broker .