The Real Deal New York

Sugar Hill sells two Harlem rentals for $36M

Buildings have about 130 apartments in total

May 29, 2015 04:30PM
By Mark Maurer and Claire Moses

Convent Avenue Harlem

From left: 580 St. Nicholas Avenue and 106-108 Convent Avenue in Harlem (credit: Sugar Hill Capital Partners’ David Schwartz)

Alan Marcus, an Aventura, Fla.-based investor and insurance lawyer, picked up a pair of Harlem rental buildings from Sugar Hill Capital Partners for a total of $35.5 million, The Real Deal has learned.

One is a five-story, 35-unit walk-up at 106-108 Convent Avenue and the other is a six-story, 94-unit elevator building at 580 St. Nicholas Avenue. The majority of the apartments are rent-stabilized.

Marcus, affiliated with Big City Acquisitions LLC, has an office in West Harlem, where he has made other multifamily purchases. Just two years ago, he bought a five-story building at 106-108 Convent Avenue from Sugar Hill for $5.5 million.

Sugar Hill, a Harlem-based investment firm led by David Schwartz, paid $5.3 million for the Convent Avenue building in 2012, and $12.5 million for the St. Nicholas Avenue property a year later, records show. The latter building was rescued from foreclosure.

Rosewood Realty Group’s Aaron Jungreis and Michael Guttman represented Sugar Hill, according to a representative for the seller. GFI Realty Services’ Roni Abudi represented the buyer.