February 5, 2017
Itzhaki Acquisitions paid $14.7 million for an East Harlem building with 45 apartment units. That works out to a price of well over $300,000 per unit.
“This is a terrific cash flowing asset in a rapidly appreciating area of Manhattan,” said Chad Sinsheimer, senior director for Eastern Consolidated, which represented the seller in this off-market transaction and procured the buyer. “East Harlem is catching up with the rest of Manhattan, and with the proposed East Harlem Rezoning plan on the horizon, the buyer believes the area will see additional changes.”
The seller, Empire Holdings Group III LLC, developed the property, which opened in 2003 at 109 East 102nd St., between Lexington and Park Avenues.
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