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Cash-Flowing Apartments Find Buyer in Central Harlem
The Tri-State Investment Sales group for Avison Young announced the sale of two five-story residential properties at 111 and 148 W.141st St. in Central Harlem. Monadnock Development, a developer of both affordable and market rate apartments, purchased the properties for $17,465,000.
A team led by James Nelson, and also including Sam Schertz and Allan Fries, represented the seller, Aulder Group.
The two properties include 89 total units for a combined 36,935 square feet. The larger 111 W. 141st has 59 units and measures 26,165 square feet, while 148 W. 141st holds the remaining 30 units across 10,770 square feet.
“We had worked with the seller on past transactions, giving them the confidence that we would be able to find a suitable buyer through our consistent, transparent and relentless approach,” said Nelson. “The buyer will benefit from purchasing a cash-flowing turn-key asset with strong tenancy in a growing neighborhood.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
