Tahl Propp Equities, one of Harlem’s largest landlords, has unloaded one of its many apartment buildings for $27.5 million, city records filed today show. The company sold 235 Central Park North to an affiliate of L&M Development Partners, the Larchmont, N.Y.-based real estate development company.
The 86,124-square-foot property, at Seventh Avenue, has six stories and 91 residential units. It was built in 1915, according to PropertyShark.
Tahl Propp purchased the building in 2005 for around $8 million, Joseph Tahl, co-founder of Tahl Propp, said. The real estate developer and landlord owns more than 4 million square feet of residential, office and retail properties, mostly in Manhattan, its website says.
Tahl said the company sold the building to “prune” its portfolio, but it will continue to expand throughout Harlem.
Eric Anton and Ron Solarz of Brookfield Financial exclusively brokered the deal.
L&M Development, meanwhile, recently made another big acquisition in Harlem. The company was part of a real estate fund that purchased the 1,800-unit Savoy Park apartment complex for $210 million this past June from Vantage Properties and Area Property Partners, as previously reported.
L&M did not immediately respond to requests for comment.
Correction: A previously published version of this story said that Tahl Propp purchased 235 Central Park North in 1981. In fact, the property was purchased in 2005.