Norfolk, Va.-based real estate investment firm Harbor Group International has acquired 162-164 East 82nd Street, a 37-unit apartment building, for $16.15 million.
The buyer will invest an additional $950,000 in the Upper East Side building for structural, mechanical and façade improvements. Capital will also be used to renovate rent-stabilized apartments as they become vacant, the company said in a statement.
“This is the second residential property HGI has purchased this year in one of Manhattan’s most desirable neighborhoods,” said Jordan Slone, chairman and chief executive, in a prepared statement. “We believe strongly in this market and that our renovation plan along with increased operating efficiencies will provide the best possible value to our investors.”
Located between Third and Lexington Avenues, 162-164 East 82nd Street features 37 apartment units in two contiguous 5-story walk-up buildings. The building’s average floor plan is 510 square feet.
Earlier this summer, HGI acquired 334-338 East 79th Street for $20.5 million. The 46-unit building is currently undergoing a $1.2 million renovation plan.
With offices in Norfolk, New York and Tel Aviv, HGI manages a portfolio valued at over $3.8 billion. The company’s holdings include over 8.5 million square feet of commercial property and more than 24,500 apartment units.