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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.

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