ABJ Properties Buys Six-Building Harlem Portfolio for $16M
Rheaa Rao Oct. 7, 2016, 11:50 a.m.
Manhattan-based ABJ Properties has scooped up six Harlem buildings for $16 million, the new owner told Commercial Observer.
The buildings have a total of 82 rent-stabilized apartments and six retail stores occupied by mom-and-pop businesses, according to Benjamin Soleimani, who owns ABJ Properties with his brother, Joe Soleimani.
One of the buildings, 56 West 127th Street between Malcolm X Boulevard and Fifth Avenue, has 12 apartments. Two adjacent buildings, 342 Lenox Avenue and 346 Lenox Avenue, between West 127th and West 128th Streets, have nine apartments and one store each. The portfolio also includes 2041 Adam Clayton Powell Jr. Boulevard between Seventh Avenue and Malcolm X Boulevard, with 23 apartments and four stores and 165 West 122nd Street between Adam Clayton Powell Jr. and Malcolm X Boulevards, with five apartments. The only property on the East Side is 53-55 East 130th Street between Park and Madison Avenues. It has 24 apartments.
The seller was an affiliate of Douglaston Development, according to Soleimani who did not wish to comment further on the deal. Douglaston, led by Jeff Levine, is behind the development, The Edge, a mixed-use tower on the Williamsburg waterfront. A spokesman for Douglaston declined to comment.
Victor Sozio and Shimon Shkury of Ariel Property Advisors represented both sides in the deal and declined to comment.
ABJ has several properties in the Harlem multifamily market. The company bought three rental apartment buildings for $16.1 million earlier last month, as CO previously reported. At the time, Soleimani said that ABJ was actively looking for opportunities to expand its portfolio in the northern Manhattan neighborhood.