Michael Aryeh doubles his money with $32M sale of Hudson Heights complex
Investor bought 52-unit 720 West 181st Street for just $16M in 2014
Landlord Michael Aryeh sold a rent-stabilized building at 720 West 181st Street for $32 million, less than three years after picking it up for just $16 million.
The building’s new owner is a Viaveb LLC, managed by an individual named Daniel Goldberg, according to property records.
As of last fall’s property tax bill, the Hudson Heights rental complex held 53 rent stabilized units and received the J-51 tax abatement. Construction permit records show Aryeh commenced significant renovation work on more than a dozen apartments. The most recent filings gives the building a total residential unit count of 52.
In addition to the apartments, the complex has five ground-floor retail units. Recent commercial tenants include a travel agency and liquor store.
The building sold for more than 27 times its most recently reported annual gross income of $1.17 million, according to tax records. A three-bedroom apartment at the building is currently listed on Trulia for $3,450 a month.
Aryeh, who has amassed a sizable portfolio of West Side holdings over the last decade, did not immediately respond to a request for comment. The company he is associated with, Heritage Realty, is being sued by rent-stabilized tenants for allegedly overcharging tenants at a building in Hudson Heights for years.
Landlords Crest Realties and Quantum Equities also recently won big in a Hudson Heights deal similar to 720 West 181st Street. In December, the pair sold a 68-unit rent-stabilized building at 440 Audubon Avenue for $21 million, triple what they paid at a foreclosure auction in 2012.