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
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
740 Park Avenue and 24 Leonard Street (Google Maps)
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
U.S. President Joe Biden removes his mask before speaking about updated CDC mask guidance. (Getty)
In CDC we trust: Mask guidance prompts changes
In CDC we trust: Mask guidance prompts changes
(Getty)
Where the lawsuits challenging NY’s 2019 rent law stand
Where the lawsuits challenging NY’s 2019 rent law stand
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
Former Lehman exec lists Carnegie Hill mansion for $38M
Former Lehman exec lists Carnegie Hill mansion for $38M
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
arrow_forward_ios

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

Loading...