Capin team closes $153m in 'quick and quiet' deals.

Two portfolios of mixed use buildings with a combined value of $152,900,000 is further proof that the "upper, upper West Side" is getting hot, according to the three brokers at Capin & Associates who put the deals together.

Timour Shafran, Lazer Sternhell and Peter Vanderpool, who work as a team at Capin and who focus on what they call the "quick & quiet deals," represented the sell side and the buy side in both transactions. The two packages were sold to Apollo Real Estate Advisors.

The most recent deal involved the sale of 8 six story elevator buildings located on Broadway, Riverside Drive, and Ft. Washington Ave. for $87,900,000. The properties, which are adjacent to Columbia Presbyterian Hospital, consisted of 460 apartments and 36 retail stores.

Five buildings located in the same neighborhood were also sold to Apollo in the earlier transaction for $65 million. Four of them were six-story elevator buildings and one was a 10 story elevator building on Broadway. The package contained 256 apartments, 34 retail stores. Luca Capin, president of Capin & Associates, who conducted the negotiations between the sellers Prana Investments and Apollo Real Estate Advisors called these two deals indicators of how strong the potential is for properties in northern Manhattan. "As tenants look for more affordable housing and investors seek the next real estate hot spots they are converging on neighborhoods such as Hamilton Heights, Washington Heights and Inwood. These are micro-markets where properties still sell at prices that allow investors to maximize cash flows and where whispers of condo conversions promise upside potential."