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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.”

Inside The Story
About the Author

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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