A residential building in Manhattan‘s Hamilton Heights neighborhood, 3505 Broadway, has been acquired by Stellar Management. The firm paid $26 million for the six story, 62,095 square foot mixed-use building. The 42-apartment building has five occupied retail storefronts totaling 9,000 square feet. Stellar plans to implement a capital improvements program on the property, which will include an extensive lobby and hallway renovation. The property was purchased from the private estate of Harriet Okun, whose family owned the asset for more than 40 years.
“Stellar Management has a long history in Hamilton Heights, and the acquisition of 3505 Broadway further solidifies our presence in the neighborhood,” said Matthew Lembo, a principal at Stellar Management. “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.”
