Madison Realty Capital Sells Hamilton Heights Building for Record Unit Price [Updated]
By Lauren Elkies Schram | Commercial Observer
Real estate investment management firmMadison Realty Capital has sold a Hamilton Heights multifamily building for an area record price of $492,000 per unit, Commercial Observer has learned.
The six-story, 25-unit building at 605 West 141st Street between Broadway and Riverside Drive was picked up by a local investor for $12.3 million, a spokesman for GFI Realty said, declining to further identify the buyer.
GFI’s Roni Abudi represented the buyer and his GFI colleague Yosef Katz represented the seller in the deal.
“Madison Realty Capital chose an opportune time to divest itself of this asset,” said Mr. Katz. “With market conditions this strong, we’re seeing various long-term property owners looking to monetize their real estate holdings, and the record price received in this transaction is reflective of that.”
Mr. Abudi added: “The buyer was interested in acquiring a performing multifamily property with lasting value. The excellent uptown Manhattan location of this building was an important part of the overall package, and the buyer’s belief in the market’s continued success made him confident that this was a beneficial opportunity.”
A spokesman for Madison Realty Capital didn’t immediately respond to a request for comment.
Update: This story was edited to correct the price per unit and broker information and include comments from the brokers in the deal.