Massey Knakal Realty Services' Shimon Shkury, Thomas Donovan and Michael Tortorici are the agents handling the sale. Massey Knakal's Tortorici, tells GlobeSt.com that he cannot disclose names of the seller at this time, but notes that the partnership's reason for selling is that it is "repositioning, as most of the partnership's assets are concentrated outside of Manhattan."
Tortorici tells GlobeSt.com that REITs, affordable housing operators and developers, as well as institutional and non-profit buyers are expected to show interest in the asset, mainly "because of the location and scale." The asset is priced well, he says, although there is no comparable asset sold recently "with such size or varying investment aspects."
Main attractions of the neighborhood, Tortorici says, is that it is centrally located between both Central Park and Mount Morris Park, across the street from the new Kalahari Condominium and the Malcolm Shabazz Harlem Market, and in close vicinity to the recently rezoned 125th Street. The Fifth Between The Parks Portfolio consists of two distinct components. First, the site has an existing six-story elevatored building spanning Fifth Avenue's entire western block front between West 116th and 117th streets. Constructed in 1983, the building contains 120 apartments that were recently 'marked to market' with HUD for a new five-year contract.
Second, the buyer will be able to develop all remaining air rights on the property's irregularly shaped 180-foot by 201.8-foot vacant parcel. Currently used as a parking lot, the site has approximately 150 feet of buildable frontage on West 116th Street and 180 feet of buildable frontage on West 117th Street. Assuming the likely passage of a C4-5X variance, according to a prepared statement, the developer will be able to build over 260,000 sf.
The site, which has yet to have a bid deadline, is situated among several of Harlem's newest condominium projects including 111 Central Park N., 50 W. 127th St., the Rhapsody, Loft 124 and Fifth on the Park. The site's 150 feet of frontage along 116th Street is also considered a rare commodity in the uptown market, according to Massey Knakal, "making the site an attractive entry point for class A tenants capable of paying top dollar."
"Offering size, scale and a premier location for both residential and retail development, the Fifth Between The Parks Portfolio represents a true flight to quality asset," says Shkury, a managing director and partner at Massey Knakal, in a prepared statement.
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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.
