ABJ Properties and Gorjian Real Estate Group have closed on the $14.5 million acquisition of 12 Harlem buildings from a series of investors and developers.
“We bought them for the location, the price and long-term value,” Benjamin Soleimani, a partner at ABJ Properties, said in a statement to Commercial Observer. “We are patient owners, and strongly believe in the area’s potential. Plus, the opportunity to own a cluster of properties like this, on the same block, at such an attractive price per foot, is something we couldn’t pass up on.”
The five-story walk-up buildings, some of what are contiguous, are on Manhattan Avenue between 120th and 122nd Streets and on 121st Street between Frederick Douglass Boulevard and Manhattan Avenue.
The buildings contain 116 residential units and one retail establishment, Zoe Cafe and Hookah Lounge, which opened at 301 West 121st Street early last year.
The multi-building sale closed on May 29 and appeared in public records this past Friday.
Ariel Property Advisors‘ Victor Sozio brokered the deal along with colleagues Shimon Shkury and Mike Tortorici, Mr. Sozio confirmed, declining to identify the sellers.
Mr. Soleimani, who runs ABJ with brother Joseph, said that the new owners plan to “make upgrades to the apartments and common areas,” and “continue to run them as rentals for the long hall.”