Savoy Park, a 1.802-unit complex of seven multistory apartment buildings in Harlem, has been put on the market by the developer Fairstead, which co-owns the complex with Artemis Real Estate Partners and C-III Capital Partners.
Fairstead is expecting bids for Savoy Park to start at $400M, according to a Green Street report, which said the sale of Savoy Park will be handled by Cushman & Wakefield.
Perhaps even more valuable than the venerable 7-building housing complex, which used to be called Delano Village, are the air rights over the 13-acre site. The owners say the property could be sold to a new owner with up to 337K SF of air rights, and a new owner would be eligible to apply for an additional 1M SF in air rights.
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