The Real Deal New York

Hillcrest buys 21-building Upper Manhattan portfolio for $149M

Galil, formerly E&M, doubled its money in two years

September 16, 2015 03:00PM
By Mark Maurer Twitter_logo_blue copy

Harlem Portfolio

From left: 570 West 156th Street and 2228 Amsterdam Avenue (inset: Steven Vegh)

Hillcrest Acquisitions picked up a large, 21-building multifamily portfolio in Upper Manhattan from Galil Management for $148.5 million, The Real Deal has learned.

The package contains 20 walk-ups and one elevator property, spanning a total of 425,000 square feet. There are more than 550 rental apartments and six retail spaces.

Hillcrest Acquisitions, a group of private investors based in Rockland County’s Spring Valley, is planning a long-term hold on the properties, multiple sources with knowledge of the deal said.

Galil, formerly known as E&M Associates, has been on a buy spree in the outer boroughs, but continues to sell off its Manhattan holdings. In June, the Flatbush-based investment firm led by Irving Langer bought four buildings in Brooklyn and two in Queens.

The 21-building portfolio last sold in 2013, when Galil, then E&M, paid $75 million. Galil has since made renovations and increased rents.

The buildings stretch from West 135th Street to West 173rd Street in Harlem and Washington Heights, largely between Broadway and Amsterdam Avenue. The addresses include 2228 Amsterdam Avenue, 506-526 West 173rd Street, 2254 Fifth Avenue, 24-28 St. Nicholas Place, and the lone elevator building at 570 West 156th Street. Rents range from $1,100 to $2,400 per month at the latter building, according to StreetEasy.

Hillcrest, E&M and Westwood Realty Associates’ Steven Vegh, the sole broker on the off-market deal, could not be reached for comment.