The Real Deal New York

Treetop buys $27.5M Harlem portfolio from Heritage Real Estate

Heritage turns tidy $15M profit on four-building package within a year
By Claire Moses | November 25, 2014 10:00AM

Treetop Development purchased a three-building package from Heritage Real Estate Partners for $27.5 million, The Real Deal has learned. The deal, coupled with one in September, means that Heritage has made a $15 million profit on a portfolio it bought just a year ago.

The three elevator-buildings that Treetop bought — 519 West 143rd Street, 548 West 164th Street and 610 West 163rd Street — include a combined 130 units across 134,000 square feet.

Heritage sold the buildings through an LLC known as Majestic Partners. They were part of a four-building portfolio — also including 3489-3499 Broadway — that Majestic bought in 2013 for $45 million from Long Island-based Jadam Equities. Real estate investment firm Acuity Capital Partners bought the Broadway property from Heritage for $33 million in September. 

Westwood Realty Associates’ Steven Vegh was the sole broker on the off-market transaction. He couldn’t be reached for comment by press time.

Treetop’s Azi Mandel declined to comment. The New Jersey-based firm has been active in Harlem recently, selling part of its portfolio to Flatbush-based E&M Associates for $29 million in August.

Other Harlem portfolios that have traded hands recently include AIMCO’s 21-building residential and retail portfolio, which sold for $67 million in September. Madison Realty Capital and RWN Real Estate Partners bought two buildings along Frederick Douglass Boulevard this fall as well.