A massive portfolio of Harlem apartment buildings has been sold for more than $250 million.
According to The Real Deal, Sugar Hill Capital Partners bought a collection of about 50 buildings, all located north of the northwest corner of Central Park.
Jay Solomon, Sugar Hill’s chief creative officer, told the publication:
“As a Harlem-based real estate company that integrates sustainability, preservation, design and the arts in historical properties, we feel a responsibility to our neighbors and the local community to steward these buildings with great care for years to come.”
Sugar Hill also owns 4848 Broadway in Inwood, which it acquired from A&E Real Estate Holdings last year. Also last year, it bought a Crown Heights building at 932 Eastern Parkway for $5.6 million.
On the sell side of the deal is real estate investor Irving Langer. He owned the property through his firm, E&M Associates — one of the largest multifamily owners in New York City.
In addition to his more than four decades of leadership at E&M, Langer has invested in other real estate firms, including Brooklyn-based firms Saba Raba LLC and Galil Management LLC. He also has investment interests in several other industries, including solar energy, hospitality, medical, grocery, and technology.
This is at least the second major real estate deal for E&M this year. In February, the firm sold a 21-building portfolio in Harlem to Isaac Kassirer for $85 million. At the time, The Real Deal said the transaction was one of the few sizable multifamily packages — 224 rental apartments — to trade hands in New York City in the past year.
E&M bought them for $66.7 million in 2014 from Denver-based real estate investment trust AIMCO.
Also this year, E&M was reportedly looking to sell a nine-building portfolio in Washington Heights for $215 million.
