NEW YORK CITY—A baker's dozen of multifamily properties havetraded hands in Upper Manhattan for $98 million. The buyer,Rhodium Capital Advisors, has picked up a total of361 apartments in Harlem and Washington Heights.
The 13 properties also include 17 retail stores and one cellularantenna. The seller, Tibeir Trust, was representedin the transaction by Roni Abudi of GFIRealty Services. The buyer also was represented by GFI,with Daniel Shragaei handling the sale.
The majority of the apartments are two-and three-bedroom units,and many of the residences are priced well below market rates,creating the potential for rent growth. Rhodium intends toimplement $12 million of capital improvements to the properties,including modernizing common areas, kitchens and appliances.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
