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Sugar Hill Capital sells Hamilton Heights building for $25.5M
Mixed-use property contains 47 apartments and eight shops
Sugar Hill Capital Partners sold a mixed-use property in Hamilton Heights to Brooklyn-based landlord Galil Management, formerly known as E&M Associates, for $25.5 million.
The elevator building at 3621 Broadway contains 47 apartments, eight stores and an art studio, the New York Observer reported. It stands six stories tall and spans 65,000 square feet, with 31,000 square feet of unused air rights.
Cignature Realty Associates’ Peter Vanderpool and Lazer Sternhell represented both the buyer and the seller.
Galil Management plans to hold the building and increase its income, according to a Cignature spokesperson.
Prior to changing its name to Galil Management, E&M Associates sold of the last of its Bronx buildings for $31 million. In March, it sold an eight-building Northern Manhattan portfolio for $44 million. [NYO] — Tess Hofmann