Tahl Propp to convert 1325 and 1330 Fifth Avenue into $159M condo

The Harlem buildings total 150 units and are rent-stabilized

New York /
Mar.March 21, 2017 11:45 AM

Tahl Propp Equities plans to convert two rent-stabilized Harlem buildings near Central Park to condominiums, filings with the New York State Attorney General’s Office show. Long one of Harlem’s largest landlords, the developer is looking to cash in on a part of its vast Northern Manhattan portfolio with a new $159 million offering at 1325 and 1330 Fifth Avenue.

Plans call for 150 condo apartments between the two addresses, with an average price tag of just over $1 million. The building at 1325 Fifth Avenue currently holds 71 rental apartments and 1330 has 80, so Tahl Propp would likely convert them without doing tear-downs and unit combinations. Most of these units are currently rent-stabilized, tax records show. However, conversions can only occur as units are naturally vacated. The project was filed as a “non-eviction” condo conversion, meaning tenants cannot be evicted for choosing not (or not being able to) buy their apartments from their landlord. No construction permits have been filed for the conversions so far.

Representatives for Tahl Propp did not immediately respond to a request for comment.

News of the condo plan comes on the heels of a major affordable housing deal Tahl Propp cut with the city last year. In August, Tahl-Propp secured $135 million from the de Blasio administration to renovate and preserve 549 affordable apartments at five Harlem properties.

Tahl Propp co-founder Joseph Tahl started buying Harlem real estate in 1998. In a 2014 interview, Tahl said the company’s portfolio was 95 percent composed of affordable housing and that the company had at that time developed no more than 150 condos in West Harlem. In December, the city approved a rezoning that will allow Tahl Propp and L+M Development to build a 100 percent affordable, 400-unit rental on Lexington Avenue in East Harlem.

Apart from being one of Northern Manhattan’s best known landlords, Tahl-Propp also owns a few notable commercial properties in the city, such as the office building at 524 Broadway in Soho, where it signed WeWork to a 75,000-square-foot lease in January of last year.


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...