The Real Deal New York

Canadian investor plants another flag in Washington Heights

Drazin family's Crest Realties pays $24M for West 181st Street walk-ups
By Hiten Samtani | June 27, 2014 09:00AM

Montreal-based real estate investment group Crest Realties closed on a four-building residential portfolio in Washington Heights for $23.8 million, The Real Deal has learned.

The walk-up properties — 554, 556, 558 and 565 West 181st Street — are located between Audobon Avenue and St. Nicholas Avenue. Together, they contain more than 75,000 square feet of space, with 55 three-and-four-bedroom residential units, and nine retail spaces. The retail space at 565 West 181st Street has been vacant since a car crashed into it last year, a source familiar with the deal said.

Steven Vegh of Westwood Realty Associates and Augenbaum Realty brokered the off-market deal on behalf of the seller, a Long Island-based private investor. Vegh and representatives for Augenbaum were unavailable for comment.

“We are excited to increase our portfolio in northern Manhattan,” said Aaron Drazin, a principal at Crest Realties. “We see a lot of upside in the area with the future gentrification.”

In November, Crest paid $23.7 million for two multifamily buildings at 4240 BroadwayAnd 4300 Broadway.

The Drazin family is a major commercial property owner in the Montreal area.