720 West 181st Street

Michael Aryeh doubles his money with $32M sale of Hudson Heights complex Investor bought 52-unit 720 West 181st Street for just $16M in 2014

720 West 181st Street (Credit: Google Maps)

Landlord Michael Aryeh sold a rent-stabilized building at 720 West 181st Street for $32 million, less than three years after picking it up for just $16 million.

The building s new owner is a Viaveb LLC, managed by an individual named Daniel Goldberg, according to property records.

As of last fall s property tax bill, the Hudson Heights rental complex held 53 rent stabilize上海龙凤论坛

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d units and received the J-51 tax abatement. Construction permit records show Aryeh commenced significant renovation work on more than a dozen apartments. The most recent filings gives the building a total residential unit count of 52.

In addit新爱上海同城对对碰论坛

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ion to the apartments, the complex has five ground-floor retai上海贵族宝贝论坛

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l units. Recent commercial tenants include a travel agency and liquor store.

The building sold for more than 27 times its most recently reported annual gross income of $1.17 million, according to tax records. A three-bedroom apartment at the building is 阿拉爱上海同城

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currently listed on Trulia for $3,450 a month.

Ary上海贵族宝贝交流区

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eh, who has amassed a sizable portfolio of West Side holdings over the last decade, did not immediately respond to a request for comment.  The company he is associated with, Heritage Realty, is being sued by rent-stabilized tenants for allegedly overcharging tenants at a building in Hudson Heights for years.

In August, Aryeh and partners bought another 52-unit rental at 22 Wadsworth Avenue in Washington Heights, paying $15.6 million.

Landlords Crest Realties and Quantum Equities also recently won big in a Hudson Heights deal similar to 720 West 181st Street. In December, the pair sold a 68-unit rent-stabilized building at 440 Audubon Avenue for $21 million, triple what they paid at a foreclosure auction in 2012.

Tags: hudson heights
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