Camera purveyor inks speedy $32M Washington Heights deal

780 Riverside Drive
780 Riverside Drive

A Washington Heights multi-family building has traded for just over $32 million, according to records filed with the city Friday.

The 91-unit property at 780 Riverside Drive, called the Vauxhall, was sold to landlord Mendel Mendlowits, a source said. The pre-war building has no units available for rent, but StreetEasy shows apartments asking between $2,600 and $3,800 per month rented in the last year.

George Niblock of Manhattan-based commercial brokerage Friedman-Roth Realty Services represented the buyer, he confirmed to TRD.

Mendlowits’ family owns the camera store Adorama at 42 West 18th Street and just last month sold a Flatiron District development site to Toll Brothers for $69 million, as The Real Deal reported. He was not immediately available for comment but Niblock said he would make upgrades at the building, which is largely rent-stabilized.

Niblock also said the deal was unconventional in that there was no contract period, which typically lasts at least a month, but the sale side requested the terms.

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“Everyone worked together to get it done very quickly,” he said. “This is very unique in this business.”

The late Tigran Arrathoon had owned the 10-story building at 155th Street since 1972, according to city records. No purchase price was listed. Arrathoon’s daughter declined further comment.

Another Friedman-Roth broker, Jim Thorp, represented the seller, Niblock said.

Also in Washington Heights, Vantage Properties has been on a selling spree recently, exiting 34-64 Hillside Avenue for $26 million in September. The Queens-based Vantage has been divesting from Upper Manhattan buildings while acquiring distressed single-family homes in tandem with an unnamed private equity partner, as The Real Deal has reported.

Additional reporting by Adam Pincus