Three Inwood Rental Buildings Sell for $39 Million

INWOOD, NY — Three multi-family rental buildings in Inwood, containing a combined 129 apartment units, are changing hands for $39 million, Commercial Observer first reported.

Real estate firm Sugar Hill Capital Partners purchased the buildings, located at 139 Payson Avenue, 100 Cooper Street and 256 Seaman Avenue, from ABC Realty in a deal brokered by Meridian Investment Sales, Commercial Observer reported.

None of the entities in the deal responded to messages left by Patch.

The largest property, 139 Payson Avenue, sold for $19.2 million, according to the report. The 62,000-square-foot building contains 61 apartment units. The building at 100 Cooper Street (48 units) sold for $12.9 million and the building at 256 Seaman Avenue (20 units) sold for $6.9 million, according to the report.

The majority of the buildings' rental stock is rent-stabilized, and Sugar Hill Capital Partners plans to keep them rent stabilized after the purchase, a broker from Meridian Investment Sales told Commercial Observer.

Read the full Commercial Observer report here.

Lead image of 256 Seaman via Google Maps street view August 2016