New York

Treetop buys $27.5M Harlem portfolio from Heritage Real Estate

Heritage turns tidy $15M profit on four-building package within a year

From left: Steven Vegh, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/519-West-43-Street-New-York-NY-10036/1010720021-0" target="_blank" data-address="519%20West%2043%20Street%2C%20New%20York" data-label="519%20West%2043rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F519-West-43-Street-New-York-NY-10036%2F1010720021-0" data-bbl="1010720021" data-blockValue="01072" data-lotValue="0021" data-zipcode="10036" data-bldgArea="32%2C500" data-bldgDepth="95" data-bldgFront="75" data-landUse="Parking%20facilities" data-lotArea="10%2C050" data-lotFront="75" data-lotDepth="200.83" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="32%2C500" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="G1" data-primaryZoning="R9" data-commercialOverlay="" data-far="7.52" data-buildable="75%2C576" data-airRights="43%2C114" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7609694538671" data-longitude="-73.995784127154" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F519-West-43-Street-New-York-NY-10036%5C%2F1010720021-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F519-West-43-Street-New-York-NY-10036%5C%2F1010720021-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">519 West 43rd Street</a> and Azi Mandel

From left: Steven Vegh, 519 West 43rd Street and Azi Mandel

Treetop Development purchased a three-building package from Heritage Real Estate Partners for $27.5 million, The Real Deal has learned. The deal, coupled with one in September, means that Heritage has made a $15 million profit on a portfolio it bought just a year ago.

The three elevator-buildings that Treetop bought — 519 West 143rd Street, 548 West 164th Street and 610 West 163rd Street — include a combined 130 units across 134,000 square feet.

Heritage sold the buildings through an LLC known as Majestic Partners. They were part of a four-building portfolio — also including 3489-3499 Broadway — that Majestic bought in 2013 for $45 million from Long Island-based Jadam Equities. Real estate investment firm Acuity Capital Partners bought the Broadway property from Heritage for $33 million in September. 

Westwood Realty Associates’ Steven Vegh was the sole broker on the off-market transaction. He couldn’t be reached for comment by press time.

Treetop’s Azi Mandel declined to comment. The New Jersey-based firm has been active in Harlem recently, selling part of its portfolio to Flatbush-based E&M Associates for $29 million in August.

Other Harlem portfolios that have traded hands recently include AIMCO’s 21-building residential and retail portfolio, which sold for $67 million in September. Madison Realty Capital and RWN Real Estate Partners bought two buildings along Frederick Douglass Boulevard this fall as well.

 

 

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New York

Treetop buys $27.5M Harlem portfolio from Heritage Real Estate

Heritage turns tidy $15M profit on four-building package within a year

From left: Steven Vegh, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/519-West-43-Street-New-York-NY-10036/1010720021-0" target="_blank" data-address="519%20West%2043%20Street%2C%20New%20York" data-label="519%20West%2043rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F519-West-43-Street-New-York-NY-10036%2F1010720021-0" data-bbl="1010720021" data-blockValue="01072" data-lotValue="0021" data-zipcode="10036" data-bldgArea="32%2C500" data-bldgDepth="95" data-bldgFront="75" data-landUse="Parking%20facilities" data-lotArea="10%2C050" data-lotFront="75" data-lotDepth="200.83" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="32%2C500" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="G1" data-primaryZoning="R9" data-commercialOverlay="" data-far="7.52" data-buildable="75%2C576" data-airRights="43%2C114" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7609694538671" data-longitude="-73.995784127154" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F519-West-43-Street-New-York-NY-10036%5C%2F1010720021-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F519-West-43-Street-New-York-NY-10036%5C%2F1010720021-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">519 West 43rd Street</a> and Azi Mandel

From left: Steven Vegh, 519 West 43rd Street and Azi Mandel

Treetop Development purchased a three-building package from Heritage Real Estate Partners for $27.5 million, The Real Deal has learned. The deal, coupled with one in September, means that Heritage has made a $15 million profit on a portfolio it bought just a year ago.

The three elevator-buildings that Treetop bought — 519 West 143rd Street, 548 West 164th Street and 610 West 163rd Street — include a combined 130 units across 134,000 square feet.

Heritage sold the buildings through an LLC known as Majestic Partners. They were part of a four-building portfolio — also including 3489-3499 Broadway — that Majestic bought in 2013 for $45 million from Long Island-based Jadam Equities. Real estate investment firm Acuity Capital Partners bought the Broadway property from Heritage for $33 million in September. 

Westwood Realty Associates’ Steven Vegh was the sole broker on the off-market transaction. He couldn’t be reached for comment by press time.

Treetop’s Azi Mandel declined to comment. The New Jersey-based firm has been active in Harlem recently, selling part of its portfolio to Flatbush-based E&M Associates for $29 million in August.

Other Harlem portfolios that have traded hands recently include AIMCO’s 21-building residential and retail portfolio, which sold for $67 million in September. Madison Realty Capital and RWN Real Estate Partners bought two buildings along Frederick Douglass Boulevard this fall as well.

 

 

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