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NEW YORK CITY-In what’s reportedly the largest Harlem property sale of the year to date, a 120-unit multifamily building and adjacent development site spanning an entire Fifth Avenue block front has sold in an all-cash transaction valued at $21.9 million. The seller was Metrovest Equities; buyer L & M Development Partners plans to maintain the building as an affordable housing complex, according to a release from Massey Knakal Realty Services, which arranged the deal.

The transaction consisted of two distinct components. The first was an existing six-story, elevatored building that spans Fifth Avenue’s entire western block front between West 116th and 117th streets. Constructed in 1983, the building at 1482 Fifth Ave. contains 120 apartments that were recently marked to market with the US Department of Housing and Urban Development for a new five-year contract.

The deal also includes an L-shaped, 220-foot by 201.83-foot vacant lot, reportedly one of the largest remaining development sites in northern Manhattan. It can accommodate over 180,000 buildable square feet, but the site was marketed with proposed plans from Metrovest that could result in a building as large as 260,000 square feet, according to Massey Knakal.

Shimon Shkury, a Massey Knakal partner who led the sales team, says in the release that because the building and land were priced together, it’s not possible to determine the building’s cap rate or the price per buildable square foot. “However, based on feedback we obtained while marketing the asset, we’re fairly certain that the market price for a parcel this size was about $50 per buildable square foot, a number that’s well below peak development site prices,” he says. Shkury and Tom Donovan represented Metrovest.

L&M’s portfolio includes more than 8,000 residential units and nearly 750,000 square feet of commercial space. Among its properties is the Kalahari, a 249-unit green condominium project located near its new acquisition, at 40 W. 116th St.

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