The Real Deal New York

Sugar Hill picks up trio of Inwood rental buildings for $39M

The largest of the properties spans 62K sf
December 20, 2016 08:45AM

From left: 256 Seaman Avenue, David Schwartz and 100 Cooper Street

Sugar Hill Capital Partners has purchased three multifamily rental buildings in Inwood for $39 million.

The company, led by David Schwartz and partners, scooped up three rental buildings at 139 Payson Avenue, 100 Cooper Street and 256 Seaman Avenue from ABC Realty, the Commercial Observer reported. The buildings have a total of 129 rental units, most of which are rent stabilized. First Republic Bank provided a $20.8 million acquisition loan for the deal.

Meridian Capital Group’s Adam Sprung, Mark Steinmetz, Michael Feldman and David Schechtman represented ABC Realty in the deal and found Sugar Hill.

The Payson Avenue property is the largest of the three, with 61 units across 62,000 square feet. Sugar Hill paid $19.2 million for that property. Next is the 48-unit building on Cooper Street, for which Sugar Hill TRData LogoTINY dished out $12.9 million. The landlord paid $6.9 million for the 20-unit Apartment Building On Seaman Avenue.

In October, Sugar Hill closed on the $84 million purchase of a distressed senior assisted-living facility at 1 Prospect Park West in Park Slope after a long legal battle over the property. [CO] — Kathryn Brenzel