June 14, 2023 9:00 AM
Newmark announces the sale of 401-405 Edgecombe Avenue, a 66-unit multifamily development overlooking Jackie Robinson Park and Yankee Stadium in the Hamilton Heights/Sugar Hill Northeast Historic District of Manhattan. The six-story 53,815-square-foot property sold for $11.35 million from 401 Edgecombe Partners LLC to Rockledge 401 Edgecombe LLC.
Newmark Vice Chairman Brian Ezratty and Managing Director Scott Ellard were the exclusive brokers on the transaction.
“401-405 Edgecombe is a well-positioned asset that made for an attractive investment opportunity for prospective buyers seeking strong current cash flow plus continued strong demand in a desirable building in an increasingly desirable neighborhood,” said Ezratty.
The six unit-lines at 401-405 Edgecombe Avenue all feature one, two and three-bedroom apartments that typically include large bedrooms and living rooms, kitchens, full bathrooms and ample closet space. Most units have great light and air due to the property’s elevation directly opposite Jackie Robinson Park, overlooking the Harlem River, Macomb’s Dam Bridge and Yankee Stadium.
Exceptionally well-located, 401-405 Edgecombe Avenue is in the historic Sugar Hill sub-neighborhood of Hamilton Heights. Named after its one-time historical resident, Alexander Hamilton, Hamilton Heights is a hilly uptown neighborhood in Manhattan. Besides one of the country’s founders, Hamilton Heights has had many other notable residents: musical greats Count Basie, Duke Ellington, George Gershwin, Oscar Hammerstein, Lena Horne and the famous artist Norman Rockwell. Hamilton Heights runs from 135th to 155th streets and is bordered on the north by Washington Heights, on the east by Harlem, the Harlem River and the Bronx, on the south by Manhattanville and the west by the Hudson River.
The neighborhood’s proximity to City College of New York and Columbia University is a draw, as is its convenience of transportation. The area is serviced by the 1, 3, A, B, C, and D trains, the Harlem River Drive and Henry Hudson Parkway.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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