ICER Properties buys 9 Hamilton Heights buildings for $31M

Multifamily buildings contain 107 units and span 91K sf overall

Jun.June 06, 2019 04:30 PM
ICER Properties principal Joseph Jemal with 139 Edgecombe Avenue and 622 Saint Nicholas Avenue (Credit: Google Maps and LinkedIn)

ICER Properties principal Joseph Jemal with 139 Edgecombe Avenue and 622 Saint Nicholas Avenue (Credit: Google Maps and LinkedIn)

Investment and property management company ICER Properties has purchased a portfolio of Hamilton Heights multifamily properties for $30.5 million.

Joseph Jemal’s company bought the properties from an LLC linked to Marlena Demenus of Sky Lake Partners. A RM Friedland team led by senior vice president Marco Lala brokered the deal, the brokerage announced on Thursday.

The multifamily properties span 91,395 square feet and contain 107 units overall. The properties are addressed at 606, 610, 614 and 622 Saint Nicholas Avenue, along with 129, 133, 135, 137 and 139 Edgecombe Avenue.

It was the first time the family-owned properties were sold in almost 30 years, according to Lala.

“It was really a long-term play with a multigenerational real estate family that was able to pick up a nice critical mass of buildings,” he said.

An ICER spokesperson said the company will continue to look for opportunities in the neighborhood.

Other recent deals in Hamilton Heights include the $26.5 million sale of 3430 Broadway to Larry Gluck’s Stellar Management and the $21.8 million sale of 3661 Broadway to SDG Management.

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