Two Harlem Buildings Sell For Double Their 2011 Purchase Price
Lauren Elkies Schram July 28, 2014, 11:23 a.m.
Central Harlem’s 110 West 111th Street and 247 West 113th Street have been nabbed for $12.6 million, exactly double what they were purchased for in November 2011, Commercial Observer has learned.
The buildings, which are just off Central Park North, contain a total of 43,344 square feet and 48 apartments.
Ronnie Shaban and Amit Doshi of Besen & Associates represented the seller, Marolda Properties, as well as the buyer, Fitzcharles Properties LLC, a local private investor with multifamily holdings in the area, in the off-market deal.
“The sellers created value and reaped a tremendous return in a short time frame by way of extensive apartment renovations and increased rental income,” Mr. Doshi said in a prepared statement. “Obviously favorable market conditions played heavily in their favor as well.”
There is a J-51 tax abatement in place with exemptions that expire in 2018 and 2021. The units range in size from one to three bedrooms and 600 to 1,000 square feet. Average monthly unit rents are $1,392.
“These buildings were well-maintained and featured sizable apartments,” Mr. Shaban said. “The smaller layouts can easily be further subdivided to accommodate the nearby Barnard and Columbia students for shared rentals.”