June 23, 2020
Meridian’s Amit Doshi and Shallini Mehra recently closed on the sale of 400 W.153rd St. in the Hamilton Heights neighborhood of Northern Manhattan. The landmark building sold for $5.1 million.
Doshi and Mehra represented both the seller, Maurice Mann of Mann Realty Associates, and the purchaser, Ivan and Danielle Sun of Sun Management. It was the property’s first sale in more than 25 years.
Over the past few years, Mann divested 90% of his rent stabilized portfolio and moved his holdings to Florida. In 2016, he sold a pair of elevator buildings on Central Park to Fairstead Capital for $48 million.
“This gut renovated building was boarded in cinder blocks when it was purchased from the City of New York in the late 1990s,” said Doshi. “What we sold to Sun Management was an immaculate building with excellent tenancy, strong paperwork, and a cap rate north of 5%.”
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