Fairstead Sells Harlem Dunbar Apartments For $87M
Isaac Herskovitz has purchased the Dunbar Apartments, a historic residential community in central Harlem, from Fairstead for $86.75 million.
Located at 226 W 150th St, the 10-building complex encompasses a city block and is listed on the National Register of Historic Places. The buildings were sold at a cap rate of 7.67%, $199 per square foot, and a price of $161,546 per unit. MF1Capital provided an acquisition loan of $83 million.
Rosewood Realty Group, represented by Aaron Jungreis, Ben Khakshoor, Alex Fuchs, and Westwood’s Steven Vegh, facilitated the transaction, representing both the buyer and the seller. Fairstead took over the property in July 2018 and executed a comprehensive rehabilitation plan to restore its historic charm.
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