Akelius planning to overhaul Fiorella La Guardia’s former home

Swedish firm acquired building for $44M last year

TRD New York /
Jan.January 10, 2019 02:30 PM

Kunal Chothani and 1274 Fifth Avenue (Credit: Google Maps)

Akelius Real Estate Management is adding 16 new apartments to an East Harlem rental building where the late New York City mayor Fiorello La Guardia once resided.

The renovation, which will not add square footage but will increase the number of apartments from 54 to 70, is described in Department of Buildings filings as “converting 15 apartments into 30 apartments.”

The U.S. arm of Swedish investment giant Akelius acquired the 56,700-square-foot building from SL Green Realty and Stonehenge in a $44 million all-cash deal last year. The building is home to a mix of free-market and rent-stabilized tenants.

The building, at 1274 Fifth Avenue facing Central Park, was built in 1924. La Guardia resided in the building for eight years of his mayoral tenure, which lasted from 1934 to 1945.

The six-story building previously had nine tenements per floor, while the new configuration will include 11 to 13 apartments per floor as well as a new apartment in the basement, according to the filings. Mancini Duffy is the architect of record.

Roger Akelius, a best-selling writer of technology and finance books in Sweden, founded Akelius Residential Property in 1994. The company’s New York operation was launched in 2015 under Kunal Chothani. The company initially targeted heavily rent-stabilized buildings in Brooklyn but has increasingly added market-rate units in a flurry of Manhattan acquisitions.

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

California passes landmark rent control law

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate