Sunday, January 19, 2014

IPA Sells Three-Property Upper Manhattan Portfolio for $31 Million

623 and 631 West 207th Street Apartments (left)
222-228 Seaman Avenue Apartments (right)
Inwood Neighborhood, Manhattan, NY

Peter Von Der Ahe
NEW YORK, NY – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. 

The properties are 623 and 631 West 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The $31 million sales price equates to $166,667 per unit.

            IPA’s Peter Von Der Ahe, Scott Edelstein and Seth Glasser, along with Marcus & Millichap’s Jonathan Schwartz, advised the seller, The Dermot Company Inc. The buyer is A&E Real Estate Management LLC.

Scott Edelstein
            “The acquisition of this well-performing portfolio provides the new owner with reliable cash flow and the ability to capitalize on the future growth and appreciation of this increasingly desirable neighborhood in Upper Manhattan,” says Von Der Ahe.

“All three properties have received institutional-quality maintenance for the past six years plus renovations that include updated common areas, façade work and new roofing.”

            The 623 and 631 West 207th St. property is near the A subway line station on the corner of Broadway and West 207th St. and is close to shopping along the Broadway Corridor. 


      
Seth Glasser

            The 222-228 Seaman Ave. asset is west of Broadway on a quiet, tree-lined residential block atop a hill neighboring historic Inwood Hill Park. Many of the buildings on the block have undergone condominium or co-op conversion.     

            The 29-45 Sickles St. property has 225 feet of frontage, an attractive Tudor-style design and meticulously maintained common areas, façade and mechanical systems.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716


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