West Harlem Walk-Up Near City College Trades for $17M
A five-story apartment building with retail across the street from the City College of New York in the Hamilton Heights section of West Harlem has sold for $16.8 million, Commercial Observer can first report.
David Eshagoff of Eshco Realty purchased the 44-unit walk-up at 1588-1600 Amsterdam Avenue from Barberry Rose Management, according to Meridian Capital Group, which brokered the sale. The building on the corner of West 139th Street has 37 rent-stabilized apartments, seven market-rate units and 5,400 square feet of retail. The seven deregulated units have been renovated with new floors, modern bathrooms, granite counters and stainless steel appliances.
Barberry Rose purchased the 38,400-square-foot building from Onex Real Estate Partners for $9.3 million in 2014, according to public records. Over the past five years, the Woodmere, N.Y.-based firm has leased the corner property to a handful of retail tenants, including Grand Great Wall Chinese restaurant, an Indian restaurant named Clove, Fumo pizzeria and Italian restaurant, and Talent Cycles bike shop.
Meridian investment sales brokers Amit Doshi and Shallini Mehra handled both sides of the transaction.
The new buyer plans to renovate the stabilized units and raise the rents when the current tenants move out.
“The purchaser, David Eshaghoff of Eshco Realty, saw this as an exciting opportunity to capture the upside from the remaining 37 non-renovated units. With a strong student population, he understood the ability to double the rents upon vacancy,” Mehra said in a statement.