Stellar Management Expands NYC Portfolio
- Feb 21, 2018
Stellar Management has acquired 3505 Broadway, a residential building in Manhattan‘s Hamilton Heights neighborhood. The property was purchased from the private estate of Harriet Okun, whose family owned the asset for more than 40 years. According to Property Shark data, Stellar bought the building for $26 million.
The property comprises a total of 62,095 square feet across six stories. The building features 42 residential units and five occupied retail storefronts totaling 9,000 square feet. Built in 1907, the average unit size is 1,235 square feet. 3505 Broadway offers convenient access to the 1, A, C, B and D subway lines, as well as being within walking distance to St. Nicholas Park, Riverbank State Park and Columbia University. Stellar plans to implement a capital improvements program on the asset, which will include an extensive lobby and hallway renovation.
“Stellar Management has a long history in Hamilton Heights, and the acquisition of 3505 Broadway further solidifies our presence in the neighborhood,” Matthew Lembo, a principal at Stellar Management, told Multi-Housing News. “We’ve worked tirelessly on all of our properties in the neighborhood to upgrade their residential and retail portions, providing best-in-class options for area residents and businesses.”
With more than 30 properties in Upper Manhattan, Stellar now owns 37 percent of the residential units between 139th and 144th Street along Broadway, as well as 31 percent of the retail frontage. Peter Vanderpool and Lazer Sternhell of Cignature Realty brokered the transaction.
Image courtesy of Stellar Management