Two former condo buildings sell for $23.5M in East Harlem
Upper Manhattan landlord Moshe Gold of East Harlem Developers sold two eight-story rental buildings in East Harlem for a combined $23.5 million, The Real Deal has learned.
The properties, at 160 And 178 East 117th Street between Lexington and Third avenues, total 62,660 square feet with 41 units, all of which are registered as condominiums.
Constructed in 2010 as high-end condos, Gold converted the elevator buildings to rental two years ago.
The deal closed on Tuesday. It was brokered by Lipa Lieberman and Gabriel Saffioti of Eastern Consolidated. The buyer was an undisclosed investor who bought the property using a limited liability company.
“It was really just market timing,” Lieberman said of Gold’s decision to sell. “East Harlem is a real booming area now, and he’s working on a few other projects he wanted to move the money into.”
The property at 160 East 117th Street has 19 one- and two-bedroom units ranging from 791 square feet to 1,920 square feet, according to the offering memorandum, while 178 East 117th Street has 21 two-bedroom units and one one-bedroom unit. The units in the latter building range in size from 980 square feet to 1,739 square feet.
There is a private yard at the rear of both buildings which serves as a common area for tenants.
Due to the recent construction of the property, the apartment rents are regulated under the city’s 421-A program.
Neither Gold nor a representative for Ate Kays could be reached for comment.