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Harlem Properties Gaining in Popularity

NEW YORK CITY-Multifamily properties in Harlem are being snapped up as quickly as they come on the market. One such example is the recent sale of 345 West 145th St. for $7.2 million.

By Barbara Jarvie | Updated on December 29, 2003

NEW YORK CITY-Harlem is hot. The address of 680-84 Saint Nicholas Ave. also known as 345 West 145th St. sold to Jerry Migdol of Migdol Realty Management for $7.2 million. Located in the heart of Harlem, the site consists of three renovated eight-story elevator apartment buildings containing 112 apartments and six stores. It has 183 feet of frontage on Saint Nicholas Avenue and 101 feet on West 145th Street. The gross income being generated at the time of closing was in excess of $1.5 million.

Locally-based Eastern Consolidated Properties Inc. represented both sides in the transaction. Heidi Burkhart, associate broker, represented the seller and Roberto F. Ortiz, director, represented the purchaser.

“Interest in Harlem is at an all-time high” Eastern’s chairman Peter Hauspurg tells GlobeSt.com, adding that once a property come up, intense interest is exhibited by potential buyers. He also notes that, unlike on the East Side where housing was constructed in a tenement-form, properties in Harlem were constructed in a “spectacular, grand nature.” He labeled Harlem the last expansion area in New York City.

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