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Private Equity Group Gets 90,000 SF in Harlem

NEW YORK CITY-The buyer gets the three HUD, Section 8 buildings in Harlem for $16.5 million from a long-time family ownership.

By Natalie Dolce | Updated on August 10, 2007

(Read more on the multifamily market.)

NEW YORK CITY-Aaron Jungreis, president of investment sales at GFI Realty Services Inc. and Matthew Sparks, the firm’s senior managing director, sold three, six-story elevator HUD, Section 8, buildings in the Morningside Heights section of Harlem for $16.5 million. The three buildings, located at 1871-73 Adam Clayton Powell Blvd., 107-113 W. 109th St., and 124 W. 114th St., consist of 111 units in total, including one store and one office, and are located only two blocks from Central Park.

“Although this type of deal can often be difficult logistically, at GFI we have vast experience transacting properties with government subsidies,” says Aaron Jungreis. “We are knowledgeable of the stipulations involved, enabling us to complete these deals as quickly and efficiently as possible.”

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