Vegh of Westwood completes sale of 24-building Package for $148.5 million

Manhattan, NY A private investor closed on the off-market purchase of a 24-building package in Harlem/Washington Heights for $148.5 million from Brooklyn-based Galil Associates. The portfolio, of which are all walk-up buildings other than one elevator, consists of 586 residential units, six stores and a total of 425,000 s/f. The properties span from West 135th St. to West 173rd St. with most of them situated between Broadway and Amsterdam. 570 West 156th St. is a five-story elevator building consisting of 55 units along with more buildings on the same block such as 539 and 541 West 156th St. Some other addresses include 2228 Amsterdam Ave., 506-526 West 173rd St., 2254 5th Ave. and 24-28 St. Nicholas Place. Galil had bought this package in February 2013 from Coltown for $75 million. Over their period of ownership they had been able to increase rents with market growth and some renovations throughout the portfolio.  This purchase price of $250,000 is a record breaking price for the area which shows the belief and strength of the market. With the Columbia expansion and hospital these areas continue to gentrify and rents continue to rise. The new buyers plan to continue operating these buildings along with the market growth with a long term ownership. Steven Vegh of Westwood Realty Associates was the sole broker in this off-market transaction.