Sales Beat

HAP Investments in Contract for East Harlem Site

247 East 117th Street Site. (Courtesy of PropertyShark)

HAP Investments is in contract to acquire 247-249 East 117th Street in East Harlem from PGC New York 1 LLC, The Commercial Observer has learned. The acquisition price is $3.2 million, according to a source familiar with the transaction.

“We are excited to have purchased this strategic site in East Harlem and look forward to a future development that will provide new rental housing for local residents as well as others in the Greater New York City area,” said Eran Polack, chief executive of HAP, in a prepared statement. Read More

Sales Beat

Lehman’s Dunbar Manor Residential Portfolio Sells for $139 M.

The Dunbar Manor apartment complex, marketed by Massey Knakal

Massey Knakal Realty Services has arranged the $139 million sale of a portfolio that includes the Dunbar Manor apartment complex in West Harlem, The Commercial Observer has learned.

The monster residential portfolio, which consists of 1,084 units across 15 properties located throughout Northern Manhattan and the Upper West Side, generated what brokers called a “storm Read More

Sales Beat

Sale of Inwood Property for $11.3 M. Highlights Value of City Parks

A view from Inwood's Fort Tryon Park

A mixed-use, rent regulated building across the street from the Fort Tryon Park at 4740 Broadway has been sold for $11.3 million in the Inwood neighborhood, The Commercial Observer has learned.

The six-story building boasts great upside, given its low rents and proximity to the notable neighborhood amenity, situated along the Hudson River.  The property contains six commercial units and 68 residential units — 62 rent stabilized units, five rent controlled units, and one super’s unit.

This property has tremendous potential due to its extremely low residential rents and fantastic retail corner location,” said Massey Knakal’s Robert Shapiro, who exclusively handled the transaction. Read More