Eastern Consolidated, a leading real estate investment sales brokerage firm, has closed on a $23.15 million sale of two newly constructed condominium buildings in fast-growing Harlem. The properties, converted into rental apartments, position the buyer to achieve substantial rent growth as the neighborhood undergoes a major revitalization.
Eastern Consolidated Senior Director Lipa Lieberman, Principal and Executive Managing Director David Schechtman, and Director Gabriel Saffioti represented the landlord, Moshe Gold of East Harlem Developers, on an exclusive basis, as well as the buyer, a private investor who bought the property using a limited liability company.
The two eight-story properties are located at 160 and 178 East 117th Street between Lexington and Third avenues and close to major transit lines and retail hubs. They are comprised of 41 spacious and light-filled units that total 62,660 square feet.
“The market timing of these deals couldn’t have been better. The properties benefit from the tremendous momentum created by Columbia University’s expansion and Harlem’s resurgence,” Lieberman said. “This makes for fertile ground in rent growth, which is likely to accelerate quickly.”
The property at 160 East 117th Street features 19 large one- and two- bedrooms units ranging from 791 square feet to 1,920 square feet. The property at 178 East 117th Street has 21 large two-bedroom units and one one-bedroom unit ranging in size from 980 square feet to 1,739 square feet.
Due to the recent construction of the property, the apartment rents are regulated under the city’s 421-A program (Source).