Investment Firm Buys Hamilton Heights Rental Building for $14.5M
Liam La Guerre Nov. 1, 2016, 2:42 p.m.
Steeplechase Design, an investment company, has purchased a six-story elevator building at 530 West 136th Street in Hamilton Heights for $14.5 million, Commercial Observer has learned.
The seller, the Bajaktari family, has owned the property between Broadway and Amsterdam Avenue since the 1980s, according to the sole broker in the transaction Alpha Realty. The sale, which closed last Friday, breaks down to $349 per square foot.
“The previous owners took great care of the building,” Alpha Realty’s Glenn Raff, who represented the seller with colleague Lev Mavashev, said in a prepared remarks. “The apartments were huge, making it a possible condo play somewhere in the future”
The 41,520-square-foot building has 37 rent-stabilized apartments, which are comprised of a mix of two-, three-, and four-bedroom units. There is also a 1,400-square-foot ground-floor retail space that is occupied by a deli.
“Due to the low rents this building sold at 3.6 percent cap rate, and I expect to see many more deals in this area of similar nature unfold in the near future,” Alpha Realty’s Scott Schwartz, who brokered the deal on behalf of the buyer, said in a statement.