$460K-Per-Apartment for Affordable Housing in Manhattan Valley

A private real estate investment firm paid $27.6 million for two elevator buildings with 60 apartments at 4-18 W. 107th St. in the Manhattan Valley neighborhood of the Upper West Side. Both buildings currently have long-term contracts for federal Sec. 8 rental subsidies, and are reserved for very-low income residents.

That works out to a price of roughly $460,000 per apartment.

“The asset’s project-based Section 8 status and other affordable housing components ensure strong in-place income, while presenting investors with multiple options and tremendous future upside potential,” said Ron Solarz of Eastern Consolidated.

“The two buildings are in excellent physical condition, as they’ve been well-maintained by the same owner for over three decades,” he said.

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