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Rhodium Capital buys Upper Manhattan portfolio for $34M
Firm planning a $10M upgrade of the six buildings
Rhodium Capital Advisors snapped up a portfolio of six Upper Manhattan buildings for $34.1 million.
The properties, located at 100 West 143rd Street, 118 West 137th Street, 210 West 133rd Street, 22 Bradhurst Avenue, 243 West 135th Street and 515 West 156th Street, comprise a total 109 rental units and nine retail spaces across 89,873 square feet.
The sellers were Israeli investors Arik Mor and Uriel Zichron.
Rhodium Capital Advisors, a Midtown-based investment and management firm, plans to invest up to $10 million to upgrade the properties, said GFI Realty Services’ Roni Abudi, who represented the seller. GFI’s Daniel Shragaei represented the buyer.
Mor and Zichron picked up three of the buildings for a combined $8.35 million in 2012 and the remainder in 2013, for a combined $20 million.
The deal is just the latest in a string of high-priced portfolio sales in the area, driven by rent growth. Among the most significant portfolio sales of the last few months was Shamah Properties’ $44 million purchase of an eight-building package and Hillcrest Acquisitions’ $148.5 million acquisition of a multifamily portfolio in Upper Manhattan.
Rents in Upper Manhattan far outpaced overall Manhattan rent growth in October, according to a recent report by StreetEasy. Manhattan’s median rent rose 5.6 percent from last year to $3,158, while Upper Manhattan’s median rent increased 7.7 percent to $2,333.
“Prices are the highest we’ve ever seen,” Abudi said. “A few years ago, people would have had a hard time paying $200,000 a unit. Now, you’re seeing them go up as far as $400,000.”