Manhattan-based multi-family investors Coltown Properties purchased a Harlem apartment building at 137 West 137th Street for $12 million, Commercial Observer has learned.
The 55-unit, six-story rental building, which comprises 31,000 square feet, is between Malcolm X and Adam Clayton Powell Jr. Boulevards. The building has only free-market apartments.
Alpha Realty’s Lev Mavashev represented both Coltown Properties and the seller, Long Island-based Barberry Rose Management, in the transaction, which closed on Tuesday. The seller made more than double the $5.2 million it paid for the property in 2007.
Barberry Rose “thought this was a great opportunity to capitalize on their investment which they held for almost 10 years,” a spokeswoman for Alpha Realty said in an email.
Coltown Properties owns a number of apartment buildings in Manhattan and Brooklyn. A representative for Coltown Properties did not return a request for comment.