(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NEW YORK CITY-A 117-unit apartment building at 680 Saint Nicholas Ave. has changed hands for $23,650,000, a figure that equates to $202,137 per unit and $179 per square foot. Buyer and seller, both represented by Marcus & Millichap Real Estate Investment Services, were not disclosed; city property records identify locally based 680 St Nicholas LLC as the seller and 680 SN LLC of Purchase, NY as the buyer.
“This asset is the largest single building sold in Harlem this year and one of fewer than 10 100-plus-unit apartment buildings sold in Manhattan thus far in 2012,” Peter Von Der Ahe, a first VP investments at Marcus & Millichap, says in a release. “The sale reflects the interest many investors have in this segment of the affordable housing market.”
The eight-story elevator building, which also includes five retail tenants, has a housing assistance payment contract in place through 2015, says associate VP investments Scott Edelstein in the release. “Investors are drawn to affordable housing’s consistent cash flow and long-term upside,” he adds. Edelstein and associate Seth Glasser were members of the Marcus & Millichap team led by Von Der Ahe.