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New York & Tri-State   /   November 4, 2019

Paul Bubny
By: Paul Bubny

Uptown Passive House Sale Closes in “Challenging” MF Market

Marcus & Millichap arranged the sale of Perch Harlem at 542 W. 153rd Street in Northern Manhattan’s Hamilton Heights neighborhood. The seven-story, 34-unit market-rate rental, which was developed to “Passive House” standards, sold for $19 million.

Eric M. Anton, senior managing director, and directors Justin M. Natalizio and Christopher Warner represented both ends of the deal.

The seller was a joint venture between Taurus Investment Holdings, a global private equity real estate firm, and Synapse Development Group, a local developer. The buyer was the Olnick Organization, an owner-operator and long-established real estate family that hasn’t been active in the market for six years.

“The deal closed in a challenging market,” Anton said. “The property offers long-term upside potential and appreciation in a neighborhood that keeps growing near renowned educational institutions such as Columbia University, CUNY School of Medicine and All Saints University.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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