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Acquisitions

Stellar Management buys 3430 Broadway for $26.5M

Steven Schneider is the seller

3430 Broadway (Credit: CoStar)

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.

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