Sales Beat

Newcastle Realty’s Late Year Pickups Highlight Record Fourth Quarter for Investment Sales

759 St. Nicholas Avenue (StreetEasy)

Real estate investment firm Newcastle Realty Services purchased neighboring apartment buildings at 656 and 759 St. Nicholas Avenue in Harlem for a combined $5.6 million from Colorado-based real estate firm Aimco late last year, city records posted yesterday show.

Sellers sought to unload properties before looming capital gains tax hikes as December wound down, a main reason why the fourth quarter was the strongest investment sales quarter in two and a half decades.

The firm paid $4.4 million for the six-story, 20,640-square-foot property at 656 St. Nicholas Avenue, which features 30 residential units; and $1.2 million for the building at 759 — a 5,666-square-foot, four-story building with nine units. Read More