(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.