SDG Management pays $9.7M to Mitchell Hirth for 39-unit rental in Washington Heights

SDG Management through the entity 1509 St. Nick Associates LLC paid Mitchell Hirth’s 600 West 186th Street LLC $7.7 million for 1509 St Nicholas Avenue in Washington Heights. In addition, in a separate but related transaction, SDG paid $2 million for a ground lease securing the same property. The deal closed on December 21, 2020, and was recorded on January 8, 2021. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 39 residential units. The property is 46,862 square feet.
The sale price per unit is $197,436. The signatory for the buyer was Darin S. Goldstein.

SDG paid $2 million for the ground lease owned by the Hirth family as well, that had been created in 1991. The contract date was November 6, 2020.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $227,810.
Direct link to Acris document. link

In the ground lease transaction, SDG Management through the entity 1509 St. Nick Associates LLC acquired a leasehold from Mitchell Hirth through the entity 1100 Jefferson Associates L.L.C. valued at $2 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 39 residential units at 1509 St Nicholas Avenue in Washington Heights. The deal closed on December 21, 2020 and was recorded on January 8, 2021.
The property contains a total of 46,862 square feet of built space.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $227,810.
Direct link to Acris document. link