Acuity Capital buys Washington Heights rental for $21M

Crest, Quantum sell 440 Audubon Ave for triple what they paid at 2012 auction

TRD New York /
Dec.December 23, 2016 08:00 AM

440-450 Audubon Avenue in Washington Heights (inset: Crest Realties’ Bruno Caruso)

Acuity Capital Partners picked up a six-story Washington Heights rental building from Crest Realties and Quantum Equities for $20.8 million, or $314 per square foot, sources told The Real Deal.

Crest and Quantum had pulled the 66,240-square-foot elevator building at 440-450 Audubon Avenue out of foreclosure at a 2012 auction in a $7.8 million deal. The sale on Thursday marked a nearly three-fold increase in value for the property.

The building, located in Washington Heights’ Hudson Heights subsection, has 68 rental apartments and three retail spaces. The apartments are fully rent-stabilized.

Cignature Realty Associates’ Peter Vanderpool represented both sides in the deal.

Acuity Capital, a Midtown-based real estate investment firm, has been pushing to omit an affordable housing component at its 66-unit Chelsea residential project at 42 West 18thStreet. The firm even offered to donate 25 percent of its profits from six of the units toward building affordable housing elsewhere in the city. In September, City Council member Corey Johnson recommended Acuity’s building application be approved by the Council.

Montreal-based Crest and Manhattan-based Quantum are both active mid-market multifamily buyers in Upper Manhattan. In July, Crest paid $39 million for a nine-story Carnegie Hill rental building at 118 East 93rd Street.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

From left: 465 East 167th Street and 1178 Washington Avenue (Credit: Google Maps, iStock)

With new rent law, Brooklyn landlord sues to escape contract for rent-stabilized buildings

arrow_forward_ios