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Harlem MF Trades at 3.7% Cap After 60-Year Hold
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Marcus & Millichap has brokered the sale of 1975 Adam Clayton Powell Jr Boulevard, a 20-unit apartment property in Harlem. The asset sold for $5.225 million, at a cap rate of 3.7%.
“This transaction signifies a consistent investment trend,” said Marcus & Millichap’s Jacob Kahn, who marketed the property with colleagues Peter Von Der Ahe, Joe Koicim and Seth Glasser. “Even with interest rates climbing, buyers in the New York City market are still willing to pay a premium for buildings with a story.
“In this specific instance, the property was 100% rent stabilized, had extremely low rents of $1,200 per month, and was owned by the same family for over 60 years,” he continued.
The Marcus & Millichap team procured the buyer, Le Vian Properties. Kahn said the new ownership plans to upgrade common areas, “renovate apartments as they become vacant and hold the property long term.”
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- ◦Sale/Acquisition
