West 116th Street Portfolio in Contract
Jotham Sederstrom Oct. 11, 2011, 1:45 p.m.
Among the largest packages to trade below 125th Street in Upper Manhattan in recent memory, a portfolio of four Central Harlem multifamily properties near West 116th Street is in contract to sell for nearly $20 million, sources familiar with the deal told The Commercial Observer. The package of properties—all told, a whopping 97,209 square feet—could close by the end of December, they said. The quartet of assets—1917-19 Adam Clayton Powell Boulevard; 110 St. Nicholas Avenue; and 110 West 116th Street and 120-26 West 116th Street—boast a total of 82 residential units, 60 two-bedroom units, 22 three-bed units and 11 retail units, sources confirmed.
The seller is a private individual and the buyer is a small operator with institutional capital. Ariel Property Advisors was the exclusive broker for the seller, but brokers declined to comment until the deal is finalized. In addition, some of the buildings have a 24-hour surveillance system, upgraded boilers in each property and, with the Adam Clayton property in particular, a laundry room for tenants. –Jotham Sederstrom