Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

NEW YORK CITY-An 86-unit affordable housing portfolio at 110 Harbor Loop and 15 Harbor Rd. in Staten Island was sold in an all-cash transaction valued at $4.6 million. A source close to the deal tells GlobeSt.com that the buyer was Sharp Management.

Also known as Harbor Court I and II, the portfolio contains six buildings on three tax parcels with 609 feet of frontage on the east side of Lockman Avenue and 75 feet of frontage on Harbor Road. Built in the early ’90s, the properties are each two-story framed buildings with pitched roofs. Combined, they contain approximately 62,838 sf.

The transaction occurred at a capitalization rate of 8.5%. The property sold for $72.41 per sf, which the source tells GlobeSt.com is the average price for the neighborhood. The source also notes that the seller’s name was Centerline, but they could not specify reasons for selling, not could they explain what attracted the buyers to the property. The source did note, however that Sharp Management plans to continue to offer affordable housing at the property.

“The properties contain ample onsite parking and all tenants pay their own utilities,” notes Massey Knakal Partner managing director Marco Lala, who exclusively represented the seller with former broker Jordan Zotts.

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?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.