New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Eight-Building Harlem Portfolio Sells to Private Investor
A New York City-based investment and development firm focused on multifamily real estate has sold off its eight-building Harlem portfolio for $17.65 million to an undisclosed private investor. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the undisclosed seller and buyer.
The 84-unit, 92,627-square-foot portfolio also has four commercial spaces. It sold for a 6.5% percent cap rate, at an 8.65 GRM.
The buildings include: 138-140 W. 112th St., 124-126 W. 112th St., 243 W. 116th St., 141 W. 116th St., 141 W. 113th St. and 113 W. 113th St.
“These buildings represented an opportunity to purchase a portfolio in a concentrated area with an attractive basis and great in place cash flow,” said Fuchs. “These buildings benefited from a 2B tax classification as well.”
- ◦Sale/Acquisition
