NYC Landlord Earns $ 53M on Manhattan Residential Portfolio

4001 Broadway, 1121 First Avenue and 318 West 75th Street (Google Maps)

4001 Broadway, 1121 First Avenue and 318 West 75th Street (Google Maps)

A landlord who likes to play hardball recently achieved a great payday.

Ron Shoshany sold three residential buildings in the center this month, spanning 87,508 square feet for a total of $ 53.5 million, according to real estate registries and real estate firm Cignature Realty.

The buildings include a 65,448 square foot property in Washington Heights, an Upper East property of 13,900 square feet and an 8,160 square foot building on the Upper West Side.

Lazer Sternhell and Peter Vanderpool mediated the sale.

After purchasing the buildings in the 1990s and early 2000s, Shoshany rented apartments on the Upper East and West Sides through Sirkin Realty. He ranked neighbors by listing the units on Airbnb, turning one of the buildings into an illegal hotel, and assigning petty names like “Razzmatazz,” “Skyfall” and “Authenticity” to his rental units.

In Washington Heights, where he acquired the largest building in the portfolio from his wife Barbara Sheril’s family, he once shocked a commercial tenant by renting a storefront to Starbucks in the same building as the tenant’s independent coffee shop.

“Is not that what America is about?” Shoshany responded when the New York Times asked him to rent to a corporate chain that would pick up revenue from an existing tenant. The cafĂ©, called Jou Jou Cafe, remains in the building, as does Starbucks.

Cignature declined a request for comment. Sirkin Realty did not return a request for comment. Shoshany could not be reached.

The sale of the three buildings came as New York City’s multi-family market roared back to the most expensive in the United States. A report from Zumper published earlier this month showed that Gotham rents have risen by 32 percent since this time last year, putting the city ahead of San Francisco for the most expensive.

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