$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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