Price Nearly Doubles for Four East Harlem Buildings

A private investor based in the Northeast paid $24.75 million for a set of four buildings in Manhattan’s East Harlem neighborhood with a total of 111 apartments.

The price is almost twice what the seller, Castellan Real Estate Partners, paid to buy the four buildings in 2013 — and the buyer is counting on even more upside for the apartments.

“Major infrastructure improvements, exciting new private developments, as well as increased retail and services bodes well for increased value in the future,” said Victor Sozio, executive vice president at Ariel Property Advisors, which represented the owner and secured the buyer.

The buildings include 316 and 322-326 E. 117th St., and 1661 Park Ave. The apartments sold for an average of $223,000 per unit.

“We believe East Harlem is one of New York City’s most attractive neighborhoods for solid, value-add multifamily investment,” said Sozio.

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