Vegh of Westwood Realty completes $36 million sale of six-building multifamily/retail portfolio

Brooklyn, NY New Jersey-based Treetop Development has closed on the sale of a six-building multifamily and retail portfolio in Washington Heights for $36 million. The buildings – 507 West 170^th St., 516 West 169^th St., 432 West 163^rd St. and 27, 29, 79 Audubon Ave. – consist of a combined 100,000 s/f, comprised of 139 apartments and seven retail stores. The buildings are all located close to Columbia University Hospital in an area that has recently seen an influx of development. Treetop purchased the properties for $22.5 million in September and October 2014 and has since completed strategic upgrades to the properties, enhancing all of the common areas, façades and many of the apartments. On the retail front, Treetop recently signed a lease with “Burger Heights” at 79 Audubon Ave. The purchaser is a local  investor that recognizes the value of the properties’ location within a burgeoning neighborhood with proximity to the hospital. Steven Vegh of Westwood Realty Associates was the sole broker in this off-market transaction.