Steven Schneider is the seller
Larry Gluck’s Stellar Management is also focusing on adding smaller sized assets…. He has entered into contract to acquire 3430 Broadway in Hamilton Heights from Steven Schneider for $26.5 million, according to TRD. The property spans 72,774 square feet, and contains 57 apartments, plus street-level retail.
Be Smart: At $364 per foot and $464,912 per door, this deal once again shows the vitality of the multi-family market throughout the city. Gluck and Schneider declined to provide the cap rate.
Economies of Scale: Gluck recently acquired 3501-3509 Broadway, which is three blocks away. As a result, the building will be cheaper to operate as the company already manages a building nearby.