Schron sells former Mitchell-Lama Harlem complex for $33M

TRD New York /
Nov.November 08, 2011 02:56 PM
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From left: Rubin Schron of Cammeby’s International Group, Rosewood Realty Group President Aaron Jungreis, 410 St. Nicholas Avenue and 2450 Frederick Douglass Boulevard (building credits: PropertyShark)

Real estate investor Israel Weinberger purchased the nearly 40-year-old Lionel
Hampton Houses in Harlem for $32.5 million from Rubin Schron’s Cammeby’s
International Group.

The former Mitchell-Lama apartment buildings, with a total of 355 units, are
located at 2450 Frederick Douglass Boulevard between 131st and 132nd streets
and 410 St. Nicholas Avenue, between 130th and 131st streets.

The sale went into contract in May and closed Oct. 5, city property records
published Oct. 31 show. Cammeby’s and Weinberger did not respond to
requests for comment.

The sale was brokered by Aaron Jungreis, president of Rosewood Realty Group,
for a price of about $91,550 per unit.

“There is a lot of upside. Harlem is definitely coming back,” Jungreis said.

The property was taken out of the state’s affordable housing Mitchell-Lama by
2007.

Weinberger owns additional rental apartments through his Coltown Properties,
including 100 units in five attached Harlem apartment buildings at 609-619 West
135th Street.

Schron sold a headline-grabbing, $940 million package of former Mitchell-Lama buildings to New Jersey-based Urban American in May 2007.

The housing project was opened in 1973, named after the jazz legend Lionel
Hampton. A real estate investor as well, Hampton put in a 5 percent equity
investment through his Lionel Hampton Development Group to finance the
construction of the $13 million, low- and moderate-income apartment project.
The other 95 percent was funded through a mortgage provided by the New York
State Urban Development Corporation.


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