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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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