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Sugar Hill buys Washington Heights rental
Rudd Realty is the seller of the 95-unit property
Sugar Hill Capital Partners bought a six-story rental building in Washington Heights from Rudd Realty Management for $41 million, according to property records filed with the city this week.
The 95-unit apartment at 200 Haven Avenue — between 176th and 173rd Streets — has 95-units across 124,789 square feet. Built in 1941, it features two elevators, a parking garage and a laundry.
Sugar Hill [TRDataCustom], led by David Schwartz, Alex Friedman, Jason Paul and Jeremy Salzberg, focuses on stressed middle-market apartment buildings in the city, according to its website. Earlier this year, the firm joined Abro Management to buy a four-building portfolio in Upper Manhattan and Queens from A&E Real Estate Holdings for $60 million.
Last year, it closed on a deal to pay $84 million for a distressed senior assisted-living facility in Park Slope.
Rudd Realty Management, founded by Frederick Rudd in the early 1980s, manages 70 properties, including 50 co-ops and condominiums and 32 rental properties, according to its website. Earlier this year, the company was sued by current and former residents of a West Village rental building who claimed the company failed to offer them rent-stabilized leases.
Cignature Realty’s Lazer Sternhell, Peter Vanderpool and Elan Teichman represented the buyer and seller.
Representatives for Sugar Hill and Rudd could not be immediately reached for comment.