NEW YORK CITY—Shamah Properties has acquired an eight-building Washington Heights portfolio for $44 million. The seller was Brooklyn-based, E & M Associates. Westwood Realty Associates' Steven Vegh represented both parties in the deal.
“These properties give us a stronger platform in upper Manhattan to grow our portfolio for our private client investors,” says Shamah Properties CEO Alan Shamah.
The pre-war 138,214-square-foot package, with 184 rental apartments, includes 535-539 W. 162nd St., 522-536 W. 147th St. and 521-523 W. 156th St.
Shamah Properties has expanded its portfolio of rent-stabilized and free-market buildings in recent months, entering the Manhattan market last November with the $13.5 million purchase of 672-674 St. Nicholas Ave., a 48-unit six-story elevator building in Hamilton Heights. Shamah Properties owns and manages over 20 properties, largely in Flatbush, Crown Heights, Prospect Heights and New Jersey.
Shamah partner Edward Setton negotiated the purchase and the financing and Shamco Management, the company's in-house management company, will manage these assets within Shamah's existing portfolio, according to Setton.
Recently Shamah Properties/Shamco Management instituted several tenant focused initiatives that have gotten high marks from tenants, including a “Meet and Greet” program where company representatives meet with the tenants. In addition to a regular company “tenant hot line,” the company also introduced a tenant survey that tracks how quickly repairs are accomplished.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
