Acuity Capital Buys Six-Building Manhattan Portfolio for $30M
Danielle Schlanger Dec. 5, 2014, 4:53 p.m.
Acuity Capital Partners, a Chicago-based private investment firm, has bought six buildings in Upper Manhattan as part of a portfolio containing 102 apartments and 21 retail spaces, Commercial Observer has learned
The buildings in the portfolio include 1697-1707 Amsterdam Avenue in Hamilton Heights, 2500-2504 Adam Clayton Powell Jr. Blvd. in Harlem and 2090-2092 Amsterdam Avenue in Washington Heights. Altogether, the portfolio contains 85,120 square feet of space.
“All the properties have tremendous upside in the rents and many of the apartments have preferential rents which the new owners can capitalize on the first few years,” said Peter Vanderpool, the president of Cignature Realty Associates, in prepared remarks.
Mr. Vanderpool and Cignature Realty’s CEO Lazer Sternhell represented both the buyer and the seller.
The identity of the seller was not immediately clear.