Vantage continues Upper Manhattan exit with $26M sale

By Hiten Samtani | September 05, 2013 02:50PM

Neil Rubler’s Vantage Properties is continuing its Upper Manhattan selling spree with the sale of a Washington Heights residential rental building for $26 million, according to public records filed with the city yesterday. The sale of 34-64 Hillside Avenue, near the Rocky Mountain Baptist Church in Washington Heights, closed Aug. 15. The six-story, 161,281-square-foot property was built in 1928 and has 185 units. A one-bedroom is currently on the market for $1,275 per month, StreetEasy shows.

The buyer was an LLC listed as 34 Hillside Avenue. Vantage paid $23.1 million for the property in 2008, city records show. Representatives from Vantage and the buyer could not be reached for comment by press time.

The Queens-based Vantage has been divesting Upper Manhattan properties at a furious pace. In July, it sold the Bogardus Place building – which it owned with longtime collaborator Area Property Partners — for $16.3 million, as The Real Deal reported. The partnership also sold Savoy Park, an 1,800-unit Harlem apartment complex that had been in financial distress for several years, for $210 million last year, as well as an eight-building portfolio at a significant loss for $65 million.

Vantage has recently taken a shine to properties outside of Manhattan, such as a 2,200-apartment portfolio in Central New Jersey for which it partnered with private equity firm Angelo Gordon & Company. The firm is also teaming up with private equity firms to buy distressed single-family homes, as The Real Deal reported.