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Deals & Dealmakers

HAP looking to sell $130M Harlem portfolio

ERAN POLACK

Eran Polack’s HAP Investment Developers is offloading a $130 million Harlem apartment portfolio.

Avison Young’s Tri-State Investment Sales group announced it has been named the exclusive agent to market the multi-family portfolio comprised of three newly-constructed properties and one gut-renovated building in East Harlem .

Located at 329 Pleasant Avenue, 419 East 117th Street, 2211 Third Avenue, and 2338 Second Avenue, the properties encompass 171 units across 178,687 gross square feet.

The Avison Young marketing team includes principal and Head of Tri-State Investment Sales James Nelson, along with Institutional Sales Group Principal Charles Kinglsey, Director David Shalom, Associate Directors Eric Karmitz and Sam Schertz, and Associates Allan Fries and Alexandra Marolda.

“We are thrilled to market such an exceptional portfolio in the bustling East Harlem neighborhood,” said Nelson.

“Each of these four buildings represents a tremendous opportunity for investment with several key characteristics buyers look for: the properties are located in close proximity to each other, allowing for management efficiency; the buildings are only a few steps away from public transportation; the portfolio is located in one of the city’s most sought-after neighborhoods; and the assets are all in perfect shape as three of the four buildings are newly constructed and the fourth has undergone a complete renovation.”

329 Pleasant Avenue is an eight-story building designed by architect Karim Rashid and completed in 2017, comprised of 20 residential units that are 100% leased.

419 East 117th Street is a five-story renovated building that includes eight residential units.

2211 Third Avenue, the largest building in the portfolio, is comprised of 108 residential units and a retail unit. The 11-story building was constructed in 2017 and includes a community facility and a 60-space garage.

2338 Second Avenue is a nine-story building that qualifies under the ‘original first use provision’ of the Opportunity Zone where it is located. The property is currently under construction and will include 30 residential units and a retail unit, as well as a community facility.

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