Colorado REIT unloads Harlem resi and retail portfolio for $67M

AIMCO sells 224-unit, 215,000 sf package to Brooklyn-based buyer

TRD New York /
Sep.September 23, 2014 09:00 AM

AIMCO just closed on the sale of a 21-building residential and retail portfolio in Central Harlem for $66.7 million, a source familiar with the off-market transaction told The Real Deal.

The buyer of the 215,000-square-foot walk-up portfolio is a Brooklyn-based real estate investment firm, the source said. The package of properties is said to contain 224 residential rental units and 30 retail stores and spans three city blocks, with frontage mostly on Adam Clayton Powell Boulevard. Westwood Realty Associates’ Steven Vegh was the sole broker on the deal, but he couldn’t be immediately reached for comment, nor could representatives for AIMCO.

The properties include 204 West 133rd Street and 206 West 133rd Street, which have 22 rental units each, as well as 2247 Seventh Avenue, which has 16 rental units. Another property, 2484 Seventh Avenue, houses 23 rental units.

AIMCO, a Denver, CO-based real estate investment trust founded by Terry Considine in 1975, owns and manages more than 100,000 units across the country, including in Manhattan.

A number of Harlem property portfolios have traded hands of late. That list includes E&M Associates’ $29 million purchase of a four-building package from Adam Mermelstein’s Treetop Development, as TRD reported. In addition, Madison Realty Capital and RWN Real Estate Partners shelled out $30 million to Purchase Two Buildings Along Frederick Douglass Boulevard.

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