The Real Deal New York

Springhouse pays $25M for Northern Manhattan portfolio

Sharif El-Gamal and Kessner family are the sellers
By Claire Moses | June 16, 2015 05:10PM

Springhouse Partners purchased six properties in Upper Manhattan for a combined $25 million, The Real Deal  has learned.

The portfolio includes two neighboring properties at 529 and 504-506 West 158th Street that Sharif El-Gamal’s Soho Properties sold for a combined $9.7 million.

Ariel Property Advisors’ Shimon Shkury represented El-Gamal, but declined to comment.

The other four properties are walk-ups located at 508-512 West 158th Street, 516 West 159th Street and 522 West 161st Street. They were sold by the Kessner family for a combined $15.3 million, according to Springhouse president Adam Verner.

Cushman & Wakefield’s Robert Shapiro represented Michael and Steven Kessner, but wasn’t immediately available for comment.

Together, the multi-family buildings include 135 apartments across roughly 100,000 square feet.

It’s still unclear if the Midtown-based owner will hold on to the properties long term, but in the immediate future, Springhouse is planning to renovate the buildings.

Springhouse is in expansion mode. So far this year, it bought 11 buildings in northern Manhattan and is looking to expand its portfolio further, Verner said.

In May, Verner bought a mixed-use property in Florida together with Forte Capital Management’s Chaim Cahane for $21 million.