Hillcrest Acquisitions has paid $9.4 million for a five-story multifamily walk-up building in the Inwood section of Manhattan, according to information provided by Cignature Realty Associates. The seller was Geisinger Equities.
The 37,700-square-foot building is located at 546 Isham Street at Vermilyea Avenue. It encompasses 49 apartments: 32 one-bedrooms, 10 two-bedrooms, four three-bedrooms and three studios. None are free-market.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both sides in the transaction, which closed on Aug. 16.
Geisinger Equities, led by Larry Geisinger, bought the 1928 property in 1985, the brokers said.
“The building was in great condition with no heavy lifting needed in terms of repairs [and] the average rent per apartment and the average rent per room were very low, leaving the new owner with tremendous potential to increase the rent roll,” Vanderpool said in a prepared statement.