Activity in Harlem Continues

NEW YORK CITY-The Harlem renaissance goes on. Revitalization efforts including work on the Apollo Theatre is attracting investor interest. In one sale, two apartment buildings at 506 and 514 West 146th St. in the Hamilton Heights section just traded for $3.3 million.

“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.