Apartment buildings that offer affordable housing in Harlem are the latest
targets for real estate investors. The New York Observer reported Wednesday
that Urban American Management Corp. and City Investment Fund
have purchased a series of buildings in Harlem and one on Roosevelt Island
that total nearly 4,000 apartments for $940 million. The deal is the
second-largest residential one ever in Manhattan, according to the research
firm Real Capital Analytics. It follows the
$5.4
billion blockbuster deal by Tishman Speyer Properties and
BlackRock Realty for middle-income enclave Stuyvesant Town/Peter Cooper
Village in October. Nearly all of the buildings purchased by Urban American
Management and City Investment have recently come off the state's
Mitchell-Lama Program, which offer middle-to-lower income residents affordable
rents. Investors who purchased these buildings are certain to look to maximize
their profits by charging higher rents. Below is a list of the Harlem assets
that Urban American Management and City Investment Fund acquired.
—Gerald Magpily
|
Buildings
|
|
Address
|
Price
|
|
1890 Lexington/ 1990 Lexington
|
$99.7 million
|
|
455 East 102nd St./ 1940 First Ave.
|
$187 million
|
|
3333 Broadway
|
$280 million
|
|
1307 Fifth Ave
|
$163 million.
|
|
Source: NY Observer
|
See
New Observer article
See
The Deal entry
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