NEW YORK CITY-Broadhurst Willows, a 130-unit apartment building at 307 W. 143rd St. in Harlem, has sold for $5.3 million, which equates to $40,769 per unit. Marcus & Millichap Real Estate Investment Brokerage Co. arranged the deal. The Related Cos. is the seller and the buyer is Sharp Management, a private investor.
Peter Von Der Ahe, a senior director in the Manhattan office of Marcus & Millichap's National Multi Housing Group, and Armand Tiberio of Marcus & Millichap's National Tax Credit Property Advisors in Seattle, represented the seller and procured the buyer in this transaction.
"When this rent-stabilized property is taken to market in 2009, the new owner will have an excellent condo conversion opportunity, or the ability to capitalize on increased value through rent increases," says Von Der Ahe.
Broadhurst Willows, built in 1930, consists of 87 studios, three one-bedroom units, 39 two-bedroom units and one three-bedroom unit. In 1990, it received renovations through the issuance of Section 42 low-income housing tax credits. In addition, Broadhurst received tax abatements through the 421A program, which added additional restrictions to the property through 2020.
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