"These buildings have great upside potential, as the current average rental is only $746 per apartment," says Ilan Atzil of Itzhaki Properties, who represented the unidentified buyer. He added that the buildings also benefit from a tax abatement, which extends for more than 20 years. Combined, the two six-story walk-up apartment buildings offer 38 apartments totaling 33,372 sf.

Atzil was just promoted to the post of vice president. He has been involved in the sale of more 28 buildings, with a specialty in procuring deals and facilitating sales in the northern part of Manhattan, particularly in the up-and-coming East Harlem neighborhood. He also manages all Itzhaki agents who also work in the Harlem region. Currently, he is spearheading the marketing initiative for the sale of 211 – 215 East 116th St., a four-story, mixed-use building priced at $1.75 million.

Jones Lang LaSalle's project and development services group has just completed the first phase of the restoration of the historic Apollo Theater. JLL was selected by the Apollo Theater Foundation Inc. as project manager overseeing the complete restoration. The 91-year-old landmark's exterior has undergone construction over the past two years, resulting in a fully refurbished terracotta facade, a stainless steel and glass storefront and a new box office. Future work to be performed by Jones Lang LaSalle will include the installation of new seating, renovation and expansion of existing support facilities and dressing rooms, complete restoration of the auditorium and lobby, and completion of a new gift shop.