Canucks snag Washington Heights rental pair for $24M

November 12, 2013 01:45PM

Canadian real estate investment group Crest Realties picked up a pair of Washington Heights multi-family buildings for $23.7 million, the brokers on the deal told The Real Deal exclusively.

The apartment buildings, located at 4240 Broadway and 4300 Broadway, span 59,200 square feet and 52,598 square feet. The former, near 180th Street, is a six-story building with 41 apartments and five commercial spaces, while the latter, near 183rd Street, is a six-story building with 54 units and one commercial space.

Washington Heights investor Heights Equities had owned the properties for about 30 years. Midtown commercial brokerage Cignature Realty Associates represented both Heights Equities and Crest.

“This transaction indicates that the pace of multi-family building sales is on fire, especially in neighborhoods such as Washington Heights and Inwood in the northern reaches of Manhattan,” Cignature Realty CEO Lazer Sternhell said in a statement. — Mark Maurer