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.

SEE ALSO: Q&A: CBRE Execs On Why D.C.’s Multifamily Investment Market Is Doing OK Despite COVID

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.