By Linda O’Flanagan
Cignature Realty Associates represented both the buyer, Adam Verner, Springhouse Partners, and the seller, Bridgebar LLC, in the $7.1 million sale of a five-story, walk-up apartment building at 500 Fort Washington Avenue in Hudson Heights.
Ten days after Springhouse signed the contract, the deal was closed.
Cignature has sold Springhouse over $21 million worth of property in the past 12 months. Adam Verner, president of Springhouse Partners, said the Heights has become a hot market for apartment property owners and investors in recent years.
“It’s appeal is based on the steady migration of New Yorkers seeking affordable rents, easy commutes to work and a neighborhood with excellent retail and restaurant options,” added Verner.
In this latest deal, Springhouse acquired a 44,295 s/f property containing 56 apartments and one commercial unit occupied by a medical practice.
It is located at the corner of West 183rd Street, in a thriving neighborhood very near subway stations and bus stops, according to Peter Vanderpool, president of Cignature Realty, which specializes in multi-family properties throughout New York City.