The Real Deal New York

RCR Management buys Inwood building

Residential building on West 187th Street includes 87 units
By Eddie Small | October 27, 2017 12:45PM

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.