The Real Deal New York

Galil Management buys five-building Harlem portfolio for $26M

Package previously sold for $15M last year

July 15, 2015 05:20PM
By Claire Moses Twitter_logo_blue copy

From left: 220 West 116th Street, Steven Vegh and 449 West 125th Street

From left: 220 West 116th Street, Steven Vegh and 449 West 125th Street

Galil Management bought a 52-unit, five-building residential package in West Harlem for a combined $25.8 million from Adam Verner’s Springhouse Partners in an off-market deal, The Real Deal has learned.

Springhouse bought the buildings at 220 West 116th Street and 449 West 125th Street from Treetop Development for $15.4 million in July 2014.

The Brooklyn-based buyer is planning a long-term hold for the buildings, according to a source close to the deal. The buildings — all walk-ups with rental units — also include seven retail spaces, one of which has been rented to pet store Petopia.

Verner declined to comment.

Westwood Realty Associates’ Steven Vegh was the sole broker on the deal. The escalation of the price, he said, “further proves the strong market in Harlem today.” He added that interests in retail spaces on corridors such as 116th and 125th streets, only further ups those prices. In February, Vegh brokered Thor Equities’ purchase of a five-story rental property in Central Harlem for $30 million as well as a $44 million deal in which E&M — which is no longer opertational but was spearheaded by Galil’s management — sold an eight-building package in the area for $44 million to Shamah Properties.

In April, Galil bought a mixed-use property in Hamilton Heights from Sugar Hill Capital for $25.5 million. E&M sold off all its Bronx properties, the final of which went for $31 million earlier this year.