The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

E&M sells a Harlem rental building; Shamah picks up a multifamily building in Hamilton Heights

July 18, 2016 05:05PM
By Kyna Doles

880 St Nicholas Avenue in Harlem, Alan Shamah and 148 West 142nd Street in Hamilton Heights

880 St. Nicholas Avenue in Harlem, Alan Shamah and 148 West 142nd Street in Hamilton Heights

1.) Irving Langer’s E&M Associates sold a 55-unit rental building at 148 West 142nd Street for $16.5 million less than two years after buying it for $10.6 million. Investor Shaul Kopelowitz, who owns a handful of multifamily buildings throughout Inwood, Washington Heights and Harlem, is the buyer. The six-story elevator building consists of 54 rent-stabilized apartments across 57,112 square feet. E&M has been selling off a number of Upper Manhattan properties, including a 47-building East Harlem portfolio which is expected to fetch more than $350 million.

2.) Investor Jon Rosenblatt bought an abandoned condominium project at 275 South 1st Street in Williamsburg for $16.3 million. According to property records from the Attorney General’s office, developers Yidel and Toby Hirsch submitted plans for the 25-unit residential condo in 2006, which had a projected sellout of $13.3 million. However, those plans were later abandoned in late 2015.

3.) New Jersey-based Shamah Properties, led by landlord Alan Shamah, bought a 36-unit rental building at 880 Saint Nicholas Avenue for $11.1 million from Newcastle Realty Services. The building, which holds mostly rent-stabilized units, spans 43,160 square feet across six floors. Newcastle last paid $7 million for the building nearly in 2014.

(Source: ACRIS data for closed sales between July 11-17, and Reonomy data)

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