The Real Deal New York

Newcastle buys Washington Heights rentals for $42M

Rubler's Candlebrook has been actively selling assets in Upper Manhattan

March 16, 2015 11:27AM
By Mark Maurer

Newcastle Realty Services

From left: 4101 and 4113 Broadway in Washington Heights, Margaret Streicker Porres and Neil Rubler

Margaret Streicker Porres’ Newcastle Realty Services picked up a pair of Washington Heights rental properties from Neil Rubler’s Candlebrook Properties for a total of $42 million, according to property records filed with the city today.

The properties at 4101 and 4113 Broadway, between 173rd and 174th streets, span a combined 126,000 square feet. Candlebrook, formerly Vantage Properties, put the properties on the market in November asking $45 million.

There are 132 apartments and eight retail units in full, records show. Rubler bought the properties for $24 million in 2007.

Cushman & Wakefield’s Robert Knakal and Robert Shapiro represented the seller in the deal. A representative for Candlebrook declined to comment.

Candlebrook has been actively selling its assets in Upper Manhattan, including a building at 34-64 Hillside Avenue for $26 million in 2013.

New York Attorney General Eric Schneiderman is investigating Newcastle for allegedly forcing the rent-regulated tenants out of an Upper West Side building undergoing a condo conversion without offering them the option to buy their units.

 

  • Eddie

    Tenants should be scared, huddle up, form a group, and get a lawyer.

    • Guest

      The two buildings on Broadway in Washington Heights just changed hands from one slumlord to another!!! The practice still goes on folks, it’s call gentrification. Without gentrification these slumlords will not have profit!!!

    • Guest

      Eddie it makes me wish I was still a tenant. I would do just what you are recommending.

  • American57

    send her sorry ass to jail once convicted. We know of her and she’s one bit-h

  • r gilles

    this will bring diversity to the hood

  • L

    This woman and her company are a nightmare. Margaret Streicker Porres and Newcastle Realty Services are slumlords and target rent controlled tenants and intentionally cut utility service in their buildings to drive impoverished tenants who have no financial power to take legal action against the company out of the building buy buying them out at below market prices because there’s no gas or hot water in the buildings. Avoid renting with this woman and her company at all costs. There’s a special place in hell for the folks at Newcastle.

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