Metropolitan Realty Buys 10-Building Harlem Rental Portfolio for $64M
By Isabelle Durso September 13, 2024 4:48 pm
reprints
Metropolitan Realty Group has purchased a contiguous row of 10 rental buildings in Harlem from nonprofit affordable housing developer NYC Housing Partnership and Jonathan Rose Companies for $64 million, according to city records made public Thursday.
Through the entity West 135th Apts Owner, the Great Neck-based Metropolitan Realty acquired 107, 111, 115, 119, 123, 127, 131, 135, 139 and 145 West 135th Street, according to PincusCo, which first reported the sale.
The buildings total 164,460 square feet, making the sale price about $389 per square foot, according to PincusCo. The 10 adjacent buildings, all similar in appearance and rising about six stories, take up most of the north side of 135th Street between Malcolm X Boulevard and Adam Clayton Powell Jr. Boulevard.
The deal — which was signed by Jonathan Rose’s Nathan Taft and Metropolitan Realty founder Scott Jaffee — was financed with a $64.7 million Fannie Mae loan provided by Greystone.
Spokespeople for Metropolitan Realty, NYC Housing and Jonathan Rose did not immediately respond to requests for comment.
The sale comes after Metropolitan Realty landed a $45 million refinancing loan in 2021 for an apartment complex in the Bronx at 1314 West Farms Road, also provided by Greystone, as Commercial Observer previously reported.
“Greystone’s expertise across a range of affordable housing finance options has been essential to our business,” Jaffee said in a statement at the time. “Their knowledge in the market is unparalleled, and we are thrilled with the outcome of these deals in order to preserve affordable housing in New York City.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
