Treetop Nabs $10M Washington Heights Portfolio
Lauren Elkies Schram Oct. 31, 2014, 1:16 p.m.
Adam Mermelstein‘s Newark, N.J.-based Treetop Development has picked up a Washington Heights portfolio of low-rise walk-up apartment buildings for $10 million from Onex Real Estate Partners, Commercial Observer has learned.
The $5.5 million sale of 432-434 West 163rd Street between Amsterdam and Edgecombe Avenues closed two days ago, according to property records made public yesterday. The contiguous two five-story buildings at 612-618 West 182nd Street, between Wadsworth and St. Nicholas Avenues, also sold for $4.5 million, Ariel Property Advisors said.
The three walk-up buildings contain 45,543 square feet and a total of 60 units, according to LoopNet. There are 31 residential units, five of which are free market, at the six-story building on West 163rd Street. There are 30 apartments, five of which are free market, at the West 182nd Street buildings.
“This deal reflects the heightened investor interest in multifamily properties in Washington Heights, which recorded more multifamily transactions in the second and third quarters combined than any other neighborhood in New York City,” said Victor Sozio, vice president of Ariel Property Advisors, in a prepared statement. “Multifamily transactions in Washington Heights in these two quarters compared to last year increased 58 percent to 30 and the dollar volume of those trades jumped 78 percent to $366 million.”
Mr. Sozio and colleagues Shimon Shkury, Michael A. Tortorici, Josh Berkowitz and Marko Agbaba represented both sides in the deal.
Neither Onex nor Mr. Mermelstein were immediately reachable for comment.