Upper Manhattan property sale clocks in at $26.9M

Pacific Housing Advisors, an affordable housing consultancy firm, has purchased a nine-building affordable housing development in East Harlem, known as Met Paca I and Met Paca II, for $26.9 million. The sale was the largest recorded in Upper Manhattan in 2009, according to Massey Knakal Realty Services partner Shimon Shkury, who represented the seller, Security Properties. The 229-unit housing complex will operate under a Section 8 rent subsidy. The properties encompass a several addresses, including a series on East 118th Street, East 119th Street,East 122nd Street, and Lexington Avenue. Earlier in the year, the Massey Knakal Northern Manhattan team also closed on a property at 1428 Fifth Avenue for $21.95 million. TRD