A $35.5 million sale is reflective of the growing investor interest in Hamilton Heights, according to brokers.
GFI Realty Services hanlded the sale of the two-building multi-family portfolio — a 94-unit mixed-use apartment building at 580 St. Nicholas Avenue and a 35-unit walkup at 106-108 Convent Avenue.
Managing director of Investment Sales Roni Abudi, who represented both the buyer and the seller, also secured $22.3 million in mortgage financing to complete the transaction.
Abudi arranged for the $30 million refinancing of several of the buyer’s other real estate assets, providing the capital to facilitate the acquisition. “Almost every day, you see a new coffee shop, bistro, bar or restaurant popping up in this
neighborhood,” said Abudi. “In order to complete this sale, we were able to highlight key attributes of the neighborhood to identify the buyer, who plans to hold on to the properties for the long term.”
Located in close proximity to City College, Saint Nicholas Park and the 125th Street Shipping District, 580 St. Nicholas Avenue and 106-108 Convent Avenue are pre-war apartment buildings that are both only a few blocks away from the A, B and C subway lines.
Earlier this year, GFI Realty also arranged a sale of a 25-unit multifamily building in Hamilton Heights for $492,000 per unit — a record for the neighborhood at that time.