(Read more on the multifamily market.)
NEW YORK CITY-A five-story vacant loft building with adjacent vacant land at 2269 First Ave. in Harlem was sold by Arthur Fefferman of AFC Realty Capital in an all-cash transaction valued at $11.5 million, GlobeSt.com has learned. A source close to the deal tells us that the buyer was Mendel Mendlowitz of Adorama Inc.
The source explains that the 61-by-142 property is irregular. “It is not a square or rectangle and the length times the width does not give the exact measurements.” The property contains approximately 65,598 buildable sf and sold for $175.31 per buildable sf.
The property is located at the southwest corner of First Avenue and East 117th Street and was originally constructed as a school. The Manhattan developer, who purchased the property, is looking to convert the existing structure and build the remaining air rights for luxury condos or rentals with retail. This was one of the largest development sites to trade in Northern Manhattan this year according to Massey Knakal Realty Services, the sole broker in the transaction.
“The property boasts a magnificent Beaux Arts facade and 14-foot-high ceilings,” notes Massey Knakal managing director and partner Shimon Shkury, who exclusively represented the seller with managing director partner James Nelson. “The fact that the owner is considering rentals is a new trend to East Harlem.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
