The Real Deal New York

Acuity Capital buys Hamilton Heights building for $33M

100K sf rental site last sold in November as part of $45M portfolio
By Mark Maurer | September 17, 2014 01:45PM

UPDATED, 2:11 p.m., Sept. 17: Real estate investment firm Acuity Capital Partners, led by Elliot Neumann, acquired a 100,000-square-foot apartment building in Hamilton Heights for $32.5 million in an off-market deal, The Real Deal has learned.

The 10-story elevator property at 3489 Broadway, at the corner of 143rd Street, contains 75 rental units and three vacant retail spaces that total 5,000 square feet. Majestic Partners LLC, an affiliate of property management firm Heritage Real Estate Partners, had owned the building for less than a year. Heritage bought the property from Long Island-based Jadam Equities as part of a four-building portfolio for a total of $45 million in November, records show.

Jadam and global real estate firm Harbor Group International partnered in 2011 to acquire 1489 Broadway among a four-building Hamilton Heights portfolio that had fallen into distress, as previously reported.

Ivan Hakimian of HPNY, who was involved with the deal, could not be reached for comment.

In April, Acuity bought four multi-family buildings at 136, 140, 144 and 148 West 111th Street from Madison Realty Capital for $24.25 million, as The Real Deal reported.

The retail space at 3489 Broadway is being marketed to prospective tenants, but the broker is unknown. Neumann could not be reached for comment.