$17M Buys Hamilton Heights Walkup Across from CCNY
Meridian Investment Sales has closed on the sale of 1588-1600 Amsterdam Ave., a 44-unit walkup apartment building in Central Harlem’s Hamilton Heights neighborhood. The property, located directly across the street from the main campus entrance of the City College of New York, sold for $16.8 million.
The firm’s Amit Doshi and Shallini Mehra represented both seller Barberry Rose Management and buyer Eshco Realty in this transaction. Doshi and Mehra had arranged the property’s 2014 sale to Barberry Rose for $9.3 million.
“We were able to achieve a 14.5 GRM, $435 price per square foot and a 4.6% capitalization rate, which certainly speaks volumes of the neighborhood dominated by a student population,” said Doshi. Eshco recognized the upside of renovating the 37 non-renovated units and doubling the rents upon vacancy, Mehra added.
Meridian Capital Group VP Judah Hammer negotiated the acquisition financing with three years of interest-only payments.
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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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).