Sale of East Harlem buildings could fetch $500M
Two large East Harlem apartment buildings with nearly 1,400 units between them are on the market and could rake in as much as $500 million.
The Heritage at East 111th Street and Metro North Riverview Apartments at 1960 First Avenue at East 101st Street are owned by Urban American and the City Investment Fund. Many of the rents in the two buildings are subsidized through the city’s Section 8 program.
Rosewood Realty Group is marketing the buildings, which were part of the Mitchell Lama program, a housing program aimed at keeping units affordable. Urban American and the City Investment fund purchased the duo.
City Investment Fund is the driving force behind the sale, according to an unspecified source cited by Crain’s. The landlord wants to cash out of its stake, while Urban American reportedly would rather remain invested. The sale of Urban American’s stake is being handled by real estate services firm Savills.
Urban American did not comment to Crain’s, and the City Investment Fund did not immediately respond to Crain’s request for comment. [Crain’s] — Julie Strickland