Central Harlem Mixed-Use Building Sells for $13.8M
Lauren Elkies Schram Aug. 13, 2014, 11:55 a.m.
A nine-story, mixed-use property at 15-17 West 116th Street in Central Harlem has sold for $13.8 million, Commercial Observer has learned.
The 48,000-square-foot building, located between Fifth and Lenox Avenues, has 38 rental units and ground-floor retail occupied by a TV repair and electronics store, according to Eastern Consolidated. The apartments are all below market-rate, with the average rent at $1,900 per month. The retailer pays $4,200 a month on a lease that expires at the end of the year.
The seller, Malcolm Shabazz Court, LLC, is a developer that focuses on affordable and subsidized housing and the buyer, 15 West 116 LLC, is a real estate investor and operator.
“This off-market opportunity posed several logistical hurdles, including the necessity to assume subsidized financing, a rigorous and particular process that takes longer than with standard transactions,” said Peter Carillo of Eastern Consolidated who along with Andrew Sasson represented the seller. Mr. Carillo also procured the buyer. “But we were able to help the buyer navigate the various complexities to complete the acquisition.”
The off-market transaction was subject to the purchaser being approved by two city agencies, the Department of Housing Preservation and Development as well as the Housing Development Corporation.