Mixed-Use Building in Harlem Sold for $10M
Danielle Schlanger March 11, 2015, 3:10 p.m.
A 33-unit elevator, mixed-use building in Harlem has closed for $9.95 million, Commercial Observer has learned.
The deal to purchase 500 West 148th Street closed on Feb. 27, according to Marcus & Millichap’s Seth Glasser, who worked with Peter Von Der Ahe, Scott Edelstein and Rafi Moskowitz who represented both the buyer and the seller.
“The deal was unique because it was a primarily free-market apartment building. It’s hard to find a deregulated, corner, elevator building in this price range in Harlem,” said Mr. Glasser.
Mr. Glasser would only identify the buyer of the five-story building, which sits on the corner of West 148th Street and Amsterdam Avenue, as 500W148 LLC, a group of local investors.
He also noted that the seller is a private individual who had owned the building for approximately 20 years. He sold the building to buy a different property.
The 33 units include 28 apartments and five stores, all of which are small businesses, Mr. Glasser said.