RCR Management buys Inwood building

Residential building on West 187th Street includes 87 units

New York /
Oct.October 27, 2017 12:45 PM

UPDATED, 3:05 p.m., Oct. 27: RCR Management picked up an 87-unit Inwood rental building, the first time the property has changed hands in decades.

The building, located at 825 West 187th Street, sold for about $33 million to West 187 Street LLC, which appears to be connected to RCR Management, as both companies list 155 Riverside Drive as their address. The sale includes an 11,000-square-foot lot behind the property at 49 Chittenden Avenue, which offers slightly less than 40,000 square feet of residential development rights.

RCR declined to comment on the sale.

The seller, Hudsoncliff Building Co., has owned the site since at least the early 1970s, according to property records. Amit Doshi and Shallini Mehra of Besen & Associates  represented the seller, while Mark Steinmetz and Zach Firestone of Meridian Investment Sales represented the buyer.

RCR, which is mainly active on the Upper West Side, purchased a pair of rentals in Sunnyside last year for $49 million. The company bought a six-story rental at 225 Central Park North in 2015 for $33 million.

Acadia Real Estate Trust sold its Inwood building at 4055 10th Avenue for $30.6 million in September, and the South Bronx developer SoBRO filed plans earlier in October for a 123-unit affordable housing building at 1769 Fort George Hill. City officials are considering a rezoning for the neighborhood that could bring in several new market-rate rental projects, which tenant attorneys have said is encouraging some landlords to try and boot rent-regulated tenants out of their apartments.

This story was updated to include more information about the brokers and the sale.


Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
Ten mid-market investment sales to start your day
Ten mid-market investment sales to start your day
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
arrow_forward_ios

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

Loading...