Galil Management Sells Eight-Building Portfolio for $55M
Real estate investment firm Galil Management, formerly known as E&M Associates, has sold a nearly 200-apartment, eight-building portfolio in Hamilton Heights and Harlem for a combined $55 million to Brooklyn-based landlord Isaac Herskovitz.
The sale for the package closed on Sept. 10, according to property records made public today.
Mr. Herskovitz took a $32.5 million loan for the sale from Square Mile Capital Management, which carries a term of three years with two one-year extension options, a spokesman for the lender told Commercial Observer. Mr. Herskovitz couldn’t be reached for comment.
The properties involved are the five-story contiguous buildings at 609-619 West 135th Street between Broadway and Amsterdam Avenue, which sold for $31 million, and the three six-story attached properties at 137-145 West 145th Street between Adam C. Powell Jr. and Malcolm X Boulevards, which traded for $24 million.
The Brooklyn-based Galil has been engaged in a lot of activity in upper Manhattan lately. The firm sold a massive 21-building portfolio to Hillcrest Acquisitions for nearly $149 million earlier this month, as The Real Deal reported. And in April, Galil purchased a 47-unit, mixed-use building in Hamilton Heights at 3621 Broadway for $25.5 million, as CO reported at the time.
A representative for Galil Management was not immediately available for comment.