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Shamah Closes on $44M Washington Heights Portfolio

E&M Sells 184 Units
March 25, 2015
Multifamily real estate investment firm Shamah Properties has acquired an eight-building portfolio totaling 184 apartments in New York City for $44 million, or about $239,000 per door, from E&M Associates.

The properties total 138,214 square feet in the Washington Heights neighborhood and includes the pre-war buildings at 535-539 W. 162nd St., 522-536 W. 147th St., and 51-523 W. 156th St.

Steven Vegh with Westwood Realty Associates represented the seller and the buyer in the sale.

Edward Setton, partner with Shamah Properties negotiated the purchase and financing. Shamco Management, the firm's in-house management company, will manage the assets along with the firm's expanding portfolio. Shamah entered the Manhattan market last November with its $13.5 million acquisition of a 48-unit elevator building in Hamilton Heights. The company now owns and manages more than 20 properties across Flatbush, Crown Heights, Prospect Heights, and New Jersey.

"These properties give us a stronger platform in upper Manhattan to grow our portfolio for our private client investors," said Shamah Properties CEO Alan Shamah about this latest portfolio acquisition.

Please see CoStar COMPS #3260307 for additional information on this transaction.
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