Sugar Hill Acquires Four CPW Rentals for $65M

Sugar Hill Capital Partners, headed by David Schwartz, purchased a four-building multi-family portfolio for $65 million in the Upper West Side of Manhattan Valley. The price sets the per square foot rate at about $1,050, while the transaction was done in an off-market deal. 

The four buildings at 471-476 Central Park West have a total of 125 apartment units that are mostly for rentals. These are located between West 107^th and 108^th streets, with a frontage of 160 feet on Central Park West. All buildings are five stories high.

Records show that the buildings were owned by local investors Benjamin Hadar and Leonard Solomon since the 1980s.

The buildings have a total area of 61,875 square feet, plus an additional 30,000 square feet of air rights. So, the site allows the buyer to develop a roughly 92,000-square-foot structure.

The plans of Sugar Hill Capital Partners for the four buildings are not clear yet. Brokers Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates, declined to comment on the deal.

Last year, David Schwartz, who led Sugar Hill for the deal (not to be confused with David Schwartz of the Slate Property Group), had sold many of its Upper Manhattan holdings, which include two Harlem rental buildings for $35.5 million and a rental space at Hamilton Heights for $25.5 million.

David Schwartz, who has a wide capital markets experience of 26 years in structuring, trading and origination, is currently an Executive Director in the credit department at ABN AMRO Bank. He is also president of Wyckoff Investments.

Prior to his current role, he was Managing Director at Dresdner Bank in New York, where he handled the structured products marketing and origination team.

Mr. Schwartz also acted as Vice President of Chase Securities, where he ran a Product Specialist team that handled domestic and foreign banks. He began his career in banking in 1984 with Chemical Bank, after earning an M.B.A. in Finance from the New York University.