A partnership between Guardian Realty Management and Irving and Michael Langer of E&M Associat
A partnership between Guardian Realty Management and Irving and Michael Langer of E&M Associates has paid $42 million for a package of three elevatored Harlem apartment buildings.
Ariel Property Advisors arranged the $42,100,000 sale of the “West 141st Street Elevatored Portfolio,” three multifamily buildings located on West 141st Street between Lenox Avenue and Adam Clayton Powell Jr. Boulevard.
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Josh Berkowitz and Matthew Gillis represented the seller, Paul and John Salib of Castellan Real Estate Partners, and procured the buyers.
The buildings are located at 117-125 West 141st Street, 127-135 West 141st Street and 137-145 West 141st Street and span 156,870 square feet. Together, they have a combined total of 144 residential units and three employee units.
In 2013, Castellan Real Estate Partners acquired the properties for $20.3 million. Since accumulating the portfolio, the real estate investment firm has dramatically reduced the number of Department of Buildings violations and provided extensive capital improvements which include boiler conversions and intercom upgrades.
“Since 2013, the portfolio has increased in value by 107% due to ownership’s implementation of a capital improvement plan and Central Harlem’s continued growth,” said Victor Sozio, Executive Vice President of Ariel Property Advisors who led the transaction on behalf of the Ariel team. “The properties are well positioned for continued appreciation in the years to come.”
The sales price of $42,100,000 translates to slightly more than $290,000 per unit.
Source: Real Estate Weekly