Michael Aryeh doubles his money with $32M sale of Hudson Heights complex

Investor bought 52-unit 720 West 181st Street for just $16M in 2014

TRD New York /
Apr.April 17, 2017 01:05 PM

Landlord Michael Aryeh sold a rent-stabilized building at 720 West 181st Street for $32 million, less than three years after picking it up for just $16 million.

The building’s new owner is a Viaveb LLC, managed by an individual named Daniel Goldberg, according to property records.

As of last fall’s property tax bill, the Hudson Heights rental complex held 53 rent stabilized units and received the J-51 tax abatement. Construction permit records show Aryeh commenced significant renovation work on more than a dozen apartments. The most recent filings gives the building a total residential unit count of 52.

In addition to the apartments, the complex has five ground-floor retail units. Recent commercial tenants include a travel agency and liquor store.

The building sold for more than 27 times its most recently reported annual gross income of $1.17 million, according to tax records. A three-bedroom apartment at the building is currently listed on Trulia for $3,450 a month.

Aryeh, who has amassed a sizable portfolio of West Side holdings over the last decade, did not immediately respond to a request for comment.  The company he is associated with, Heritage Realty, is being sued by rent-stabilized tenants for allegedly overcharging tenants at a building in Hudson Heights for years.

In August, Aryeh and partners bought another 52-unit rental at 22 Wadsworth Avenue in Washington Heights, paying $15.6 million.

Landlords Crest Realties and Quantum Equities also recently won big in a Hudson Heights deal similar to 720 West 181st Street. In December, the pair sold a 68-unit rent-stabilized building at 440 Audubon Avenue for $21 million, triple what they paid at a foreclosure auction in 2012.


Related Articles

arrow_forward_ios
One Bennett Park

Going once, going twice? Hudson Heights development site auction is back on

Going once, going twice? Hudson Heights development site auction is back on
33-35 Overlook Terrace (Credit: Ariel Property Advisors)

Bankrupt Hudson Heights dev site headed to the auction block

Bankrupt Hudson Heights dev site headed to the auction block
Developer files for Chapter 11 to prevent auction of Hudson Heights dev site

Developer files for Chapter 11 to prevent auction of Hudson Heights dev site

Developer files for Chapter 11 to prevent auction of Hudson Heights dev site
Heritage Realty to face suit over alleged rent overcharges

Heritage Realty to face suit over alleged rent overcharges

Heritage Realty to face suit over alleged rent overcharges
Court ruling could kickstart stalled Hudson Heights project

Court ruling could kickstart stalled Hudson Heights project

Court ruling could kickstart stalled Hudson Heights project
Hudson Heights

Stretch of Hudson Heights offers old-world elegance, despite influx of Upper West Siders

Stretch of Hudson Heights offers old-world elegance, despite influx of Upper West Siders
Placeholder image

Amalgamated sued by fellow lender for $32M at Hudson Heights condo

Amalgamated sued by fellow lender for $32M at Hudson Heights condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...