The Real Deal New York

Acuity acquires latest Hamilton Heights rental for $33M

Douglas Eisenberg's A&E sold 64-unit building to Midtown-based real estate investment firm

March 10, 2016 12:35PM
By Rey Mashayekhi

730 Riverside Drive

730 Riverside Drive in Hamilton Heights (inset, from left: Elliot Neumann and Douglas Eisenberg)

UPDATED, 2:30 p.m., March 11: Acuity Capital Partners acquired the Beaumont Apartments, a 64-unit rental building in Hamilton Heights, for $33.3 million, according to property records filed with the city Thursday.

The Midtown-based investment firm bought the landmarked property at 730 Riverside Drive from Douglas Eisenberg’s A&E Real Estate HoldingsTRData LogoTINY, which paid $18.2 million to acquire the building from AREA Property Partners in 2013.

That deal saw AREA, now known as Ares Management, trade the 11-story property at more than a $2 million loss, having purchased the apartments for $20.5 million in 2007, according to records.

The nearly 108,000-square-foot, prewar elevator building is located between West 150th and West 151st streets and features views overlooking the Hudson River. Of the 64 apartments at the property, 52 are rent-stabilized units, according to Reonomy.

AcuityTRData LogoTINY, led by Elliot Neumann, has been active in the Hamilton Heights area in recent years, acquiring a 75-unit mixed-use rental building at 3489 Broadway for $32.5 million in 2014.

Neither Acuity nor A&E returned requests for comment. Rosewood Realty Group’s Aaron Jungreis brokered the deal.

In 2014, residents at the Beaumont Apartments were reportedly “mobilizing to battle Eisenberg” and his firm over “excessive rent hikes” at the property, the New York Daily News reported at the time.

Correction: A previous version of this article incorrectly stated that 730 Riverside Drive featured in a state investigation into “exorbitant” tenant rent increases by A&E. The investigation focused on 217 Haven Avenue in Washington Heights.

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