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Rosewood Closes Harlem Apartment Sale for MRC
Rosewood Realty Group delivered the sale of a four-story, 18-unit walk-up apartment building with three commercial spaces in Harlem for $6 million. The 17,968-square-foot. building at 61-63 E. 125th St. between Park and Madison avenues was built in 1930 and features 12,108 additional square feet of air rights.
Rosewood’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyer, Sapphire Investments and the seller, Madison Realty Capital. The mix of free market and rent-stabilized apartments sold for a 5.5 % cap rate and 11.7 GRM, at $330 per square foot.
“The buyer plans to renovate and increase the rents on the fair market apartments and to occupy the retail with his own business once the leases roll,” said Khakshoor.
- ◦Sale/Acquisition

