Vantage and Apollo buy Upper Manhattan portfolio

TRD New York /
Apr.April 23, 2008 11:50 AM

Vantage Properties and Apollo Real Estate Advisors purchased a 10-building portfolio of rent-regulated buildings in Washington Heights and Inwood for $57.5 million from Chatam Realty Management.

Although the deal was made public last week, the sales were closed in October. The 471 apartments sold for an average of $122,000 each, or $142 per square foot, in the five-and six-story buildings located near the Cloisters and Columbia Presbyterian Medical Center, brokers for the deal said.

The purchase went into contract in July 2007 and closed October 18, 2007. It was brokered by Luca Capin and Associates.

Capin broker Timour Shafran said it was one of the first major purchases in Upper Manhattan east of Broadway and in Inwood by a large real estate investment fund.

“These funds are starting to pay close attention to areas around Yeshiva University and Inwood and show a willingness to shy away from elevator buildings and buy walk ups,” Shafran said. Most of the buildings do not have elevators, he said.

The buildings are located at 38-48 Sickles Street, 9-23 Thayer Street, 90 Ellwood Street, 961 St. Nicholas Avenue, 552 & 556 West 188th Street, 566 West 190th Street, 570 West 190th Street, 72 Vermilyea Avenue and 248 Sherman Avenue.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Bob Gladstone, Gemdale put FiDi supertall on hold

Central Park Tower

Lendlease disputes city’s penalty in 2018 death at Central Park Tower

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

From left: a rendering of 3 Sutton Place, Joseph Beninati and Gamma Real Estate's Jonathan Kallikow

Failed Sutton Place developer files for bankruptcy