Fairstead Capital has just closed a deal to purchase a 10.5-acre rent-stabilized multifamily complex in Central Harlem for $315 million.
The property, called Savoy Park Apartments, contains seven, 16-story buildings. The complex, which is located at 45 West 139th Street, was sold by a group of investors that include L+M Development Partners and Savanna.
All 1,790 units in the complex are rent-stabilized. According to a press release, Fairstead entered into an agreement that ensures units in the complex remain affordable until 2052. The company also plans to upgrade the property by installing security systems and renovating common spaces.
The complex, formerly known as Delano Village, was bought by a real estate fund created by Citigroup and L+M in 2012. The deal, which prevented the property from going into foreclosure, was valued at over $210 million.
Jeffrey Baker and Graham Hobbs at Savills Studley and Victor Sozio and Shimon Shkury at Ariel Property Advisors represented the seller as the investment sales advisors on the transaction.
Laurie Grasso, Anthony Bonan and Douglas Hoffmann of Hunton & Williams LLP represented the seller. Meanwhile, a team comprised of members from Fried, Frank, Harris, Shriver & Jacobson LLP and Sadis & Goldberg LLP represented the buyer.
The deal follows a Fairstead acquisition earlier this month. Just over a week ago, the company, which counts CBRE executive Stephen Siegel as one of its partners, bought Park 79, a former illegal hotel in the Upper West Side.