Fairstead, a NYC development company has sold the Dunbar Apartments, a 538-unit historic residential community located in central Harlem to Isaac Herskovitz for $86.75 million. Built in 1928, the 10-building complex occupies an entire city block enclosing a private courtyard and is designated on the National Register of Historic Places.
The Dunbar Apartments is a complex of buildings located on West 149th and West 150th Streets between 2802-2816 Frederick Douglass Boulevard/Macombs Place and Adam Clayton Powell Jr. Boulevard.
The buildings sold for a caprate of 7.67%, $199 per sq. ft. and $161,546 price per unit.
MF1Capital provided an $83 million acquisition loan.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor, Alex Fuchs and Westwood’s Steven Vegh represented both the buyer, Isaac Herskovitz and the seller Fairstead, an innovative and purpose-driven real estate developer committed to the creation of sustainable communities and preservation of affordable housing that took over the building in July 2018 and soon after enacted a comprehensive rehabilitation plan that restored the building to its former glory.
