The Real Deal New York

Newcastle buys Washington Heights rentals for $42M

Rubler's Candlebrook has been actively selling assets in Upper Manhattan
By Mark Maurer | March 16, 2015 11:27AM

Margaret Streicker Porres’ Newcastle Realty Services picked up a pair of Washington Heights rental properties from Neil Rubler’s Candlebrook Properties for a total of $42 million, according to property records filed with the city today.

The properties at 4101 and 4113 Broadway, between 173rd and 174th streets, span a combined 126,000 square feet. Candlebrook, formerly Vantage Properties, put the properties on the market in November asking $45 million.

There are 132 apartments and eight retail units in full, records show. Rubler bought the properties for $24 million in 2007.

Cushman & Wakefield’s Robert Knakal and Robert Shapiro represented the seller in the deal. A representative for Candlebrook declined to comment.

Candlebrook has been actively selling its assets in Upper Manhattan, including a building at 34-64 Hillside Avenue for $26 million in 2013.

New York Attorney General Eric Schneiderman is investigating Newcastle for allegedly forcing the rent-regulated tenants out of an Upper West Side building undergoing a condo conversion without offering them the option to buy their units.