Sugar Hill Capital Sells Hamilton Heights Building to E&M Associates for $25.5M
Lauren Elkies Schram April 23, 2015, 4:45 p.m.
Real estate investment firm Sugar Hill Capital Partners has sold a 47-unit mixed-use building in Hamilton Heights to Brooklyn-based multifamily landlord Galil Management, formerly known as E&M Associates, for $25.5 million, Commercial Observer has learned.
The six-story, 65,050-square-foot building at 3621 Broadway is an elevator building with 47 apartments, eight stores and an art studio, the brokers on the deal indicated. The building also includes 31,175 square feet of air rights.
Cignature Realty Associates’ Peter Vanderpool and Lazer Sternhell represented the buyer and the seller in the April 16 deal. Galil Management plans to hold the asset and increase the income of the building, a spokeswoman for Cignature said.
“This is an extremely large Broadway building on the corner of West 149th Street, a neighborhood that is blossoming on a daily basis,” said Mr. Vanderpool in prepared remarks. “The building is home to up-and-coming artists and their workshops in the basement.”
Mr. Sternhell noted that the seller gut-renovated many of the apartments.