Canadian PE Firm Scoops Up Harlem Apartment Portfolio for $37M


Toronto-based Firm Capital and New York City-based property owner Rhodium Capital Advisors have acquired a seven-building multifamily portfolio in Harlem for $37 million, according to a press release from the buyer’s counsel.

An LLC tied to Haim Nortman purchased the properties—including 2546-2548 Adam Clayton Powell Jr. Boulevard, 528-538 West 159th Street and 220-222 West 149th Street—for roughly $23 million in July 2014 from Joshua Zegen’s Madison Realty Capital, city records indicate. Nortman did not immediately respond to an email for comment.

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Pyor Cashman’s Ronald Kremnitzer, Danielle Schechner and Ari Tran represented private equity real estate owner Firm Capital in the transaction, which closed on Dec. 21. Jeffrey Zwick & Associates acted as Rhodium’s legal counsel in the deal.

GFI Realty‘s Roni Abudi, Daniel Shragaei and Ohad Babo represented the seller with BSD Realty Worldwide. GFI also brokered the deal on behalf of the buyer along with FSA Realty ServicesPalladium Capital Advisors and Eastern Union Funding arranged a debt and equity package for the buyers. Arbor Realty Trust (ABR) provided a Freddie Mac (FMCC) acquisition loan for the purchase, but further details of the financing were not immediately available.

Representatives for GFI, Palladium, Eastern Union and Arbor did not immediately respond to requests for comment.