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Fairstead Affordable Picks Up Central Harlem Portfolio
Fairstead Affordable purchased Harlen Housing, a two-building affordable housing portfolio in Central Harlem, for $75.5 million. The buyer has committed to preserving 100% of the portfolio’s 214 units as deeply affordable for the next 40 years.
Ariel Property Advisors agents Victor Sozio and Matthew L. Gillis represented both Fairstead Affordable and the seller, Harlen Housing Associates. The two buildings are located at 560 Lenox Ave. and 50 W. 139th St.
A subsidiary of owner-developer Fairstead, Fairstead Affordable plans to significantly renovate the Harlen portfolio, lower its energy consumption and enhance its overall sustainability.
The renovation will consist of extensive in-unit renovations, including the creation of UFAS/ADA accessible units, and significant common area improvements to the physical plant, lobby, hallways and community room, according to Fairstead Affordable.
Pictured: 50 W. 139th St.
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