November 4, 2019
Marcus & Millichap arranged the sale of Perch Harlem at 542 W. 153rd Street in Northern Manhattan’s Hamilton Heights neighborhood. The seven-story, 34-unit market-rate rental, which was developed to “Passive House” standards, sold for $19 million.
Eric M. Anton, senior managing director, and directors Justin M. Natalizio and Christopher Warner represented both ends of the deal.
The seller was a joint venture between Taurus Investment Holdings, a global private equity real estate firm, and Synapse Development Group, a local developer. The buyer was the Olnick Organization, an owner-operator and long-established real estate family that hasn’t been active in the market for six years.
“The deal closed in a challenging market,” Anton said. “The property offers long-term upside potential and appreciation in a neighborhood that keeps growing near renowned educational institutions such as Columbia University, CUNY School of Medicine and All Saints University.”
For comments, questions or concerns, please contact Paul Bubny