Acuity Capital Partners acquired the Beaumont Apartments, a 64-unit rental building in Hamilton Heig
730 Riverside Drive in Hamilton Heights (inset, from left: Elliot Neumann and Douglas Eisenberg)
Acuity Capital Partners acquired the Beaumont Apartments, a 64-unit rental building in Hamilton Heights, for $33.3 million, according to property records filed with the city Thursday.
The Midtown-based investment firm bought the landmarked property at 730 Riverside Drive from Douglas Eisenberg’s A&E Real Estate Holdings , which paid $18.2 million to acquire the building from AREA Property Partners in 2013.
That deal saw AREA, now known as Ares Management, trade the 11-story property at more than a $2 million loss, having purchased the apartments for $20.5 million in 2007, according to records.
The nearly 108,000-square-foot, prewar elevator building is located between West 150th and West 151st streets and features views overlooking the Hudson River. Of the 64 apartments at the property, 52 are rent-stabilized units, according to Reonomy.
Acuity , led by Elliot Neumann, has been active in the Hamilton Heights area in recent years, acquiring a 75-unit mixed-use rental building at 3489 Broadway for $32.5 million in 2014.
Neither Acuity nor A&E returned requests for comment. Rosewood Realty Group’s Aaron Jungreis brokered the deal.
The Beaumont Apartments recently featured in an investigation by the state Division of Housing and Community Renewal into whether A&E was leveling its residents with “exorbitant” rent hikes, the New York Daily News reported in 2014.
Residents at the building were reportedly “mobilizing to battle Eisenberg” and his firm over the rent increases, according to the Daily News, including deliberating a lawsuit.
Source: The Real Deal
About the Author
Some Related Posts
-
October 27, 2023Affordable Housing: America’s Next Pandemic
The echoes of America’s housing crisis are growing louder, its impact rea -
September 12, 2023How Do Real Estate Cap Rates Fluctuate During Times of High Inflation?
Inflation, the general increase in prices of goods and services, can have a -
August 3, 2023Institutional Investors are Buying Up Affordable Housing. Are They Onto Something?
Recently, there has been a noticeable trend in the real estate market with -
June 6, 202310 Remarkable Black Real Estate Magnates from the 19th Century Who You Need to Know
The history of real estate in the United States is often dominated by stori -
February 2, 2022What Does Higher Interest Rates Mean for the CRE Market
Every business is created and commissioned with one of its sole aims of bei
