Florida Lawyer Takes $22M Loan for Hamilton Heights Acquisitions
Alan Marcus, a Florida-based investor and insurance lawyer, purchased two Upper Manhattan rental properties from Sugar Hill Capital Partners for $35.5 million with a $22.3 million acquisition loan from Investors Bank, Commercial Observer has learned.
Roni Abudi, managing director of investment sales at GFI Realty Services, represented the buyer and the seller and brokered the first mortgage from Investors, according to a representative for GFI Realty.
The prewar apartment buildings in Hamilton Heights are a 35-unit walk-up at 106-108 Convent Avenue and a 94-unit mixed-use rental building at 580 St. Nicholas Avenue.
Harlem-based Sugar Hill, led by investor David Schwartz, purchased the Convent Avenue property for $5.3 million in December 2012, and the St. Nicholas Avenue property for $12.5 million in July 2013, city records show.
The $35.5 million sale is reflective of growing investor interest in Hamilton Heights, which is seeing increased development as it attracts a larger number of young professionals, according to Mr. Abudi.
“Almost every day, you see a new coffee shop, bistro, bar or restaurant popping up in this neighborhood,” he said. “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.”
Mr. Marcus could not be reached for comment before publication.