The Real Deal New York

$25M West Harlem portfolio up for grabs

Three-building package on West 145th St. contains 99 rentals, retail space

May 02, 2014 01:30PM
By Hiten Samtani

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From left: 215-219 West 145th Street, Peter Von Der Ahe and 2492 & 2498 Adam Clayton Powell Boulevard

Israeli real estate investor Yoram Nissim is looking to sell a three-building rental portfolio in West Harlem for just shy of $25 million, The Real Deal has learned. The buildings, located on West 145th Street and Adam Clayton Powell Boulevard, total 68,120 square feet and contain 99 rent-stabilized and free-market units as well as retail space, according to an offering memorandum from Marcus & Millichap.

The nine retail tenants in the buildings, which are located at 2492 and 2498 Adam Clayton Powell Boulevard and 215-219 West 145th Street, account for 12 percent of the buildings’ gross income, according to the memo. “The retail, especially on 145th Street which is a double-wide corridor, is a nice counterpart to the residential component,” said Marcus & Millichap’s Peter Von Der Ahe, who is marketing the portfolio along with colleagues Seth Glasser, Scott Edelstein and Jonathan Schwartz.

The portfolio’s rental units range from studios to four-bedroom apartments, with average rents are between 20 and 32 percent below market, according to the offering memo.

Since 2011, major Upper Manhattan landlords backed by institutional capital have largely sold off their massive holdings in the area, making room for smaller, private investors and high-net-worth individuals to establish a strong presence. Several big deals for properties in the area have been conducted in recent months. That list includes the $340 million purchase of an 84-building portfolio by Brooklyn-based investment company Rainbow Estates Group, led by Irving Langer and Leibel Lederman. The package was bought from Baruch Singer in November, as TRD reported, and was the largest multi-family portfolio sale of 2013.

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