Sales Beat

Harbor Group International Takes Two Manhattan Properties for $20.3M Amid Emmes Asset Management Selloff

Harbor Group International has closed on the acquisition of 1420 Broadway and 246-248 West 125th Street for a combined $20.3 million.

The first building is located adjacent to the firm’s New York headquarters at 1412 Broadway, owned by an HGI affiliate, and the latter lies amid Harlem’s burgeoning retail sector.

The property at 1420 Broadway is a three-story, 7,200-square-foot building constructed in 1911 and located between the Times Square and 34th Street retail corridors.

1420 Broadway

1420 Broadway

It is 100 percent leased to a single tenant, Christine Inc., which has a luncheonette and convenience store on the first floor, and a masseuse and salon sublease the second and third floors.

The property at 246-248 West 125th Street in Harlem is a single-story, 5,046 square foot building constructed in 1973 and located across from the Apollo theatre.  The building is 100 percent leased to two tenants, City of Gold and Children’s Place.  It is located along an anchor of Harlem’s retail scene on 125th Street.

“Harbor Group International is committed to our presence in New York City,” said the firm’s CEO Jordan Slone, in a prepared statement.  “Both properties are stable assets with long-term leases and buildable air rights, representing great value to our investors.”

The firm’s other New York City properties, in addition to its headquarters 1412 Broadway, includes a parking garage at 500 West 43rd Street; and the mezzanine note on a portfolio consisting of four mid-rise multifamily apartment buildings totaling 214 apartment units and seven retail suites.

Earlier this month, the firm reportedly paid $131 million for a bloc of 1,600 rental apartments in a Nashville, Tennessee, suburb from Lehman Brothers‘ receiver.

The firm’s portfolio is worth $3.4 billion, and it consists of 14 million square feet of office, retail, hotel and multi-family properties across the country, according to the company website.

Executives at the firm did not return calls in time for publication.

The seller of 1420 Broadway and 246-248 West 125th Street, listed as Emmes Asset Management, which appears to be in the midst of a selling spree, also sold a two-story retail building occupied by Citibank at 1042 Madison Avenue for $36 million to a seperate buyer, city records show.

In February, Emmes sold a $70 million trio of assets to a Long Island-based developer The Parkoff Organization; this past summer, it sold a one-story retail strip at 1875-1925 Nostrand Avenue in Brooklyn for $18.5 million to an entity controlled by real estate investor Isaac Shalom; and last month the company sold a pair of retail properties in Harlem for $19 million to Ben Ashkenazy of Ashkenazy Associates.

*An earlier version of this story incorrectly stated the selling price as $10.3 million, which was based on information in the city record.  The story was updated to reflect the actual selling price, $20.3 million, based on information provided by an official at Harbor Group International.

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