$164K-Per-Unit for Harlem Apartments at 208 and 212 W. 133rd St.

An investor paid $9 million for two buildings with a total of 55 apartments located at 208 and 212 W. 133rd St. in Manhattan’s Central Harlem neighborhood. That works out to a price of $164,000 per apartment.

Both buildings are subject to regulatory agreements that limit how high the rents can increase. Instead, the buyers found potential to make the buildings operate more efficiently and won attractive terms on their $5.15 million non-recourse, fixed-rate acquisition loan.

“Securing a 7-year, fixed rate mortgage at 4.16%, and committing to a reduction in energy or water consumption by at least 25%, allowed the buyer to achieve higher loan proceeds at a discounted interest rate,” said Paul McCormick, senior vice president of investment sales and capital services at Ariel Property Advisors, which secured financing for the transaction.

Ariel’s Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Matthew L. Gillis also represented the seller, Grand Crossing, LP, and secured the buyer.

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