Carthage Real Estate Advisors Sells Six Buildings in Central Harlem for $17.4M

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Carthage Real Estate Advisors has sold a portfolio of six rent-stabilized buildings in Central Harlem to Izzy Kirzner of Sharp Management Corporation for $17.4 million, Commercial Observer has learned. The deal closed on Sept. 13, per information provided by Marcus & Millichap.

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The sale included 224 West 149th Street, 228 West 149th Street, 240 West 149th Street, 244 West 149th Street, 248 West 149th Street and 298 West 149th Street—all between Fredrick Douglass and Adam Clayton Powell Boulevards. They are all six stories and comprised of a total of 107 units—70 two-bedroom apartments, 30 one-bedrooms, five studios and two retail stores. All told, the properties span about 97,000 square feet.

Residential monthly rents range from an average of $674 for a studio to $1,020 for a two-bedroom pad, according to the marketing materials.

Marcus & Millichap’s Peter Von Der Ahe, Joe Koicim, Seth Glasser and Jake Kahn represented both sides in the deal.

“The sale of the vision builders portfolio in Harlem had all the hallmarks of a great affordable housing transaction: continued affordable housing for the neighborhood, tenants and city, while the buyers were to obtain an asset in a greatly improving neighborhood at lower than average price per unit and per foot—a win, win, win,” Von Der Ahe said in prepared remarks.