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Deals & Dealmakers

Record price for Harlem multifamily portfolio

A private investor closed on the off market purchase of a 24 building package in Harlem/Washington Heights for $148.5 million from Brooklyn based Galil Associates.

The portfolio, of which are all walk-up buildings other than one elevator, consists of 586 residential units, 6 stores and a total of roughly 425,000 square feet.
The properties span from West 135th Street to West 173rd Street with the most of them situated between Broadway and Amsterdam.

570 West 156th Street is a five-story elevator building consisting of 55 units along with more buildings on the same block such as 539 and 541 West 156th Street. Some other addresses include 2228 Amsterdam Avenue, 506-526 West 173rd Street, St, 2254 5th Avenue and 24-28 St. Nicholas Place.
Galil bought this package in February 2013 from Coltown for $75 million.
Over their period of ownership, they were able to increase rents with market growth and some renovations throughout the portfolio.

The purchase price of $250,000 per unit is a record breaking price for the area, according to brokers, who note that, with the ongoing Columbia Unviersiary exoansion, these areas continue to gentrify and rents continue to rise.

The new buyers plan to continue operating the buildings along with the market growth with a long term ownership.
Steven Vegh of Westwood Realty Associates was the sole broker in the off market transaction.

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