Area sells Riverside Drive building at a loss

The rental property, where Ralph Ellison once lived, trades hands for $18M

TRD New York /
Feb.February 07, 2013 12:30 PM

Area Property Partners has sold a Hamilton Heights apartment building for almost $18.2 million, or about $2 million less than what the company paid six years ago, city records show. The building, located at 730 Riverside Drive between West 150th and West 151st streets, was sold to an LLC identified in public records as 730 Riverside Drive. Douglas Eisenberg of A&E Real Estate, a New York-based real estate investment firm, signed the deed to purchase the building.

The 11-story prewar rental building includes 64 units and has views of the Hudson River. Area purchased the building in March 2007 for $20.5 million, city records show. It is managed by Vantage Management, according to Streeteasy.com.

The building has had some famous residents over the years, according to a description of the property on Streeteasy. It was once the home of author Ralph Ellison, who wrote “The Invisible Man,” and singer Marian Anderson.

Area recently purchased Africa Israel’s debt on the Apthorp, as The Real Deal previously reported.

Area and Vantage did not immediately respond to requests for comment. Eisenberg declined to comment on the sale.


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