The Real Deal New York

Larry Gluck’s Stellar snagging building in Hamilton Heights

The rental property at 143rd and Broadway has been in the same family for decades
By Mark Maurer | October 17, 2017 05:00PM

Larry Gluck and 3501-3509 Broadway

Larry Gluck’s Stellar Management is buying a Hamilton Heights rental building on Broadway for about $25 million, sources told The Real Deal.

At a time when multifamily players have largely hit pause on new acquisitions, Stellar, one of the city’s largest residential landlords, is at it again.

The six-story, 62,095-square-foot building at 3501-3509 Broadway has 43 apartments. The property boasts 75,190 buildable square feet and retail tenants such as ABC Mart and a smoke shop. It’s located at the northwest corner of West 143rd Street and Broadway, and also has the address of 601-603 West 143rd Street.

The estate of Harriet Okun, now managed by accountant Roy Macchiarola, is the would-be seller, property records show. The Okun family has owned the property for more than 40 years.

It is not clear if brokers were involved in the deal. The price would be about $400 per square foot and about $580,000 per door.

Stellar declined to comment, and the trust could not be reached.

Stellar, which has been relatively quiet on the multifamily front as of late, bought the leasehold for the Flatiron District office building at 218-220 Fifth Avenue with Imperium Capital in March and just signed the meeting space provider Breather to a lease there last month.