PH Realty Capital, L3C Capital Partners, And Rockledge Acquire Multifamily Buildings In Washington Heights For $13.2M

The recent sale in Washington Heights involved three contiguous buildings located at 617, 623, and 629 West 170th Street. The multifamily property covers a total of 90,060 square feet and consists of 100 units. The sale was completed on December 30, 2021, with a sale price of $13,225,000. This equates to a unit price of $132,250 and a price per square foot of $146.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,225,000
• Units: 100
• Price per Unit: $132,250
• Total Square Footage: 90,060
• Price per Square Foot: $146

In this deal, the buyer consisted of a partnership between PH Realty Capital, L3C Capital Partners, and Rockledge. Peter Hungerford of PH Realty Capital, Jonathan Leifer of L3C Capital Partners, and David Kaye, Joe Listhaus, Eli Greenberg, and Rami Polinsky of Rockledge led the acquisition. The seller of the property was Adrian Longo. The broker involved in the transaction was Justin Conway from Besen Partners.

Note from @Rockledge: Peter Hungerford of PH Realty Capital, Yoni Leifer of L3C Capital Partners, and David Kaye and Joe Listhaus of Rockledge partnered to purchase the three buildings in Washington Heights. The property consisted of 75% rent-stabilized units and 25% free market units, with a rent roll of nearly $1,650,000 at the time of closing.

If you have similar deals to offer or would like to discuss further, please reach out to @rockledge or call 646-601-6069.