Multifamily landlord RCR Management buying pair of Washington Heights buildings for $47M

Buildings at 80 and 86 Fort Washington Avenue stand six stories tall with total of 140 units

New York /
Nov.November 07, 2018 01:05 PM

80 and 86 Fort Washington Avenue (Credit: Google Maps)

RCR Management is purchasing a pair of residential buildings in Washington Heights for about $47 million, according to sources familiar with the deal.

The buildings are located at 80 and 86 Fort Washington Avenue, and RCR is buying them from a group of investors including Mike Spira and the estate of Josh Sternhell.

Aaron Jungreis and David Berger of Rosewood Realty Group brokered the deal. Jungreis and Berger declined to comment, and RCR did not respond to a request for comment.

Both properties were previously part of a portfolio that Sentinel Real Estate sold to the group of investors in 2016 for $101.5 million. The properties also included 66-72 Fort Washington Avenue and 838 and 884 Riverside Drive.

The buildings are each six stories tall, and the one at 80 Fort Washington Avenue has 75 residential units, while the one at 86 Fort Washington Avenue has 65 residential units.

RCR purchased an 87-unit residential building at 825 West 187th Street in Inwood last October for about $33 million and bought a pair of Sunnyside rental buildings in 2016 for $49 million.

Edge Property Group recently bought a development site in the neighborhood on Edgecombe Avenue, West 166th Street and West 165th Street for $21 million from Sand Realty Group, and Olshan Properties and Millhouse Properties bought a pair of buildings last summer at 385 and 395 Fort Washington Avenue for $40.1 million.


Related Articles

arrow_forward_ios
The 17 Jane Street duplex condo (Compass)
Manhattan luxury market logs best Thanksgiving week ever
Manhattan luxury market logs best Thanksgiving week ever
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Housing construction in the Bay area (iStock)
California falling short in creating affordable housing, new ‘report card’ shows
California falling short in creating affordable housing, new ‘report card’ shows
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
arrow_forward_ios

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

Loading...