(Read more on the multifamily market.)
NEW YORK CITY-An 86-unit affordable housing portfolio at 110 Harbor Loop and 15 Harbor Rd. in Staten Island was sold in an all-cash transaction valued at $4.6 million. A source close to the deal tells GlobeSt.com that the buyer was Sharp Management.
Also known as Harbor Court I and II, the portfolio contains six buildings on three tax parcels with 609 feet of frontage on the east side of Lockman Avenue and 75 feet of frontage on Harbor Road. Built in the early '90s, the properties are each two-story framed buildings with pitched roofs. Combined, they contain approximately 62,838 sf.
The transaction occurred at a capitalization rate of 8.5%. The property sold for $72.41 per sf, which the source tells GlobeSt.com is the average price for the neighborhood. The source also notes that the seller's name was Centerline, but they could not specify reasons for selling, not could they explain what attracted the buyers to the property. The source did note, however that Sharp Management plans to continue to offer affordable housing at the property.
"The properties contain ample onsite parking and all tenants pay their own utilities," notes Massey Knakal Partner managing director Marco Lala, who exclusively represented the seller with former broker Jordan Zotts.
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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.
