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Successful Sale of the Heights Portfolio in Hamilton Heights, Northern Manhattan
Bob Knakal successfully closed the sale of the Heights Portfolio, a multifamily walk-up package spanning four contiguous buildings at 522–534 West 147th Street in the heart of Hamilton Heights, Northern Manhattan. The portfolio consisted of 83 residential units across a total of 73,370 square feet, offering substantial scale and long-term upside for the buyer.
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Sale Details
The Heights Portfolio was sold for $4,275,000, translating to approximately $58.27 per square foot. The transaction highlights investor interest in Hamilton Heights during the early 2000s, a period when the neighborhood was emerging as one of Manhattan’s most attractive multifamily submarkets.
- Sale Price: $4,275,000
- Buyer: Desmond Wootton
- Seller: Seymour Hurwitz
- Seller Type: Private Investor
- Asset Class: Multifamily – Walk-Up, Portfolio
- Sale Date: February 26, 2002
Property Details
The Heights Portfolio included four five-story walk-up apartment buildings with a combined 73,370 square feet of residential space. The properties were located along West 147th Street between Amsterdam Avenue and Broadway, offering strong transportation access and proximity to local amenities.
Portfolio Addresses:
- 522–534 West 147th Street
- 526–528 West 147th Street
- 530–532 West 147th Street
- 534–536 West 147th Street
Key Investment Highlights:
- Total Units: 83 residential apartments
- Total Size: 73,370 SF
- Building Type: Five-story multifamily walk-up buildings
- Strong scale within a single block, offering operating efficiencies
Market Strategy and Positioning
At the time of sale, Northern Manhattan multifamily assets were increasingly sought after by both local investors and institutional buyers. The Heights Portfolio stood out due to its scale, location, and long-term rent growth potential. Walk-up properties in Hamilton Heights provided affordable entry points compared to Central and Lower Manhattan, while still offering strong returns through repositioning and improved management.
Neighborhood Overview
Hamilton Heights is a historic and culturally rich neighborhood in Northern Manhattan, known for its tree-lined streets, brownstone architecture, and proximity to educational institutions like City College of New York. The area combines residential charm with accessibility, making it an appealing investment submarket.
Neighborhood Highlights:
- Cultural character: Rich history with landmarked brownstones and a vibrant arts community.
- Transportation access: Served by multiple subway lines (A, B, C, D, and 1 trains), offering quick access to Midtown Manhattan.
- Nearby institutions: Close to City College, Columbia University expansion, and Riverside Park.
- Residential appeal: Growing demand among renters seeking value and historic architecture.
Conclusion
The sale of the Heights Portfolio demonstrates the strong appeal of Hamilton Heights as a growing residential submarket in Northern Manhattan. With 83 units across four contiguous buildings, the portfolio provided significant scale and investment upside. Bob Knakal’s expertise in positioning the portfolio ensured a smooth transaction and maximized value for the seller.
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Frequently Asked Questions
Q1: What type of property was included in the Heights Portfolio?
The portfolio consisted of four five-story multifamily walk-up buildings with 83 total residential units, offering significant investment scale in Hamilton Heights.
Q2: Where is the Heights Portfolio located?
The properties are located at 522–534 West 147th Street, between Amsterdam Avenue and Broadway, in the Hamilton Heights neighborhood of Northern Manhattan.
Q3: How large was the portfolio in square footage?
The Heights Portfolio contained approximately 73,370 square feet of residential space across four adjacent buildings.
Q4: What was the price per square foot for this sale?
The portfolio sold for $4,275,000, which equated to approximately $58.27 per square foot.
Q5: Why was Hamilton Heights attractive to investors?
Hamilton Heights offered historic charm, strong transportation links, proximity to institutions like City College, and competitive pricing compared to other Manhattan neighborhoods, making it appealing for long-term investment.
