Koch-era low-income complex trades for $17M

Victor Sozio and Logan Plaza
Victor Sozio and Logan Plaza

A 130-unit city-owned low- and moderate-income building, constructed in 1987 at the bequest of former New York City Mayor Ed Koch’s administration, has sold to an unidentified private investor for $17 million.

Logan Plaza, at 1423-25 Amsterdam Avenue, was the first newly constructed rental project to be developed in Harlem without federal assistance in more than a generation and is governed by a regulatory agreement with the Housing Assistance Corporation, a subsidiary of the city’s Housing Development Corporation. It was part of Koch’s 10-year housing plan.

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The deal was brokered by Shimon Shkury, Victor Sozio, and Michael Tortorici of Ariel Property Advisors. The building comprises approximately 120,570 gross square feet and has 74 one-bedroom, 48 two-bedroom and eight three-bedroom apartments as well as 40 outdoor parking spaces.

“Logan Plaza is one of only eight New York City ground up developments that were placed into service with a HAC agreement,” said Sozio, a vice president at Ariel. “This deal presented a number of complexities including expiring subsidies, expiring tax benefits, and income restrictions on tenancy. The assignment made for an interesting challenge from start to finish.” – Katherine Clarke