Search
 

Harlem MF Trades for $22M in All-Cash Deal

NEW YORK CITY-The deal, which also includes a development site that spans an entire block front, is reportedly the largest in northern Manhattan this year.

By Paul Bubny | Updated on November 04, 2009

NEW YORK CITY-In what’s reportedly the largest Harlem property sale of the year to date, a 120-unit multifamily building and adjacent development site spanning an entire Fifth Avenue block front has sold in an all-cash transaction valued at $21.9 million. The seller was Metrovest Equities; buyer L & M Development Partners plans to maintain the building as an affordable housing complex, according to a release from Massey Knakal Realty Services, which arranged the deal.

The transaction consisted of two distinct components. The first was an existing six-story, elevatored building that spans Fifth Avenue’s entire western block front between West 116th and 117th streets. Constructed in 1983, the building at 1482 Fifth Ave. contains 120 apartments that were recently marked to market with the US Department of Housing and Urban Development for a new five-year contract.

The deal also includes an L-shaped, 220-foot by 201.83-foot vacant lot, reportedly one of the largest remaining development sites in northern Manhattan. It can accommodate over 180,000 buildable square feet, but the site was marketed with proposed plans from Metrovest that could result in a building as large as 260,000 square feet, according to Massey Knakal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.