Acuity acquires latest Hamilton Heights rental for $33M

Douglas Eisenberg's A&E sold 64-unit building to Midtown-based real estate investment firm

TRD New York /
Mar.March 10, 2016 12:35 PM

UPDATED, 2:30 p.m., March 11: Acuity Capital Partners acquired the Beaumont Apartments, a 64-unit rental building in Hamilton Heights, for $33.3 million, according to property records filed with the city Thursday.

The Midtown-based investment firm bought the landmarked property at 730 Riverside Drive from Douglas Eisenberg’s A&E Real Estate HoldingsTRData LogoTINY, which paid $18.2 million to acquire the building from AREA Property Partners in 2013.

That deal saw AREA, now known as Ares Management, trade the 11-story property at more than a $2 million loss, having purchased the apartments for $20.5 million in 2007, according to records.

The nearly 108,000-square-foot, prewar elevator building is located between West 150th and West 151st streets and features views overlooking the Hudson River. Of the 64 apartments at the property, 52 are rent-stabilized units, according to Reonomy.

AcuityTRData LogoTINY, led by Elliot Neumann, has been active in the Hamilton Heights area in recent years, acquiring a 75-unit mixed-use rental building at 3489 Broadway for $32.5 million in 2014.

Neither Acuity nor A&E returned requests for comment. Rosewood Realty Group’s Aaron Jungreis brokered the deal.

In 2014, residents at the Beaumont Apartments were reportedly “mobilizing to battle Eisenberg” and his firm over “excessive rent hikes” at the property, the New York Daily News reported at the time.

Correction: A previous version of this article incorrectly stated that 730 Riverside Drive featured in a state investigation into “exorbitant” tenant rent increases by A&E. The investigation focused on 217 Haven Avenue in Washington Heights.


Related Articles

arrow_forward_ios

Acuity Capital makes Williamsburg office play with $23M buy

A&E buys UWS complex for $220M

SDG Management nabs Hamilton Heights resi property

Acuity Capital secures $95M loan for UWS rental building

A&E closes on Queens portfolio buy with Deutsche loan

NYC’s multifamily dollar volume in March hit highest level since 2016

A&E in contract to buy Stonehenge Village on UWS

Blackstone takes Harvard’s majority stake in A&E portfolio for $244M

arrow_forward_ios