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Rosewood Arranges Harlem Multifamily Sale for Long-Term Hold
Rosewood Realty Group arranged the sale of a six-story, 56-unit elevator apartment building in Harlem for $8.75 million. The 62,345-square-foot building at 610 Riverside Dr. and West 138th Street was built in 1909 and features 21,116 additional square feet of air rights.
Rosewood’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyer, a private investor and the seller, 610 Realty Associates, LLC. The rent-stabilized building sold for a 4.8% cap rate and 9.9 GRM, at $140 per square foot or $156,000 price per unit.
“The building represented an opportunity to purchase a property at an extremely attractive basis and way below replacement cost,” said Khakshoor. He added that the buyer plans to hold the property for the long term.
- ◦Sale/Acquisition

