The two Central Harlem residential buildings sold for $17,465,000
The Tri-State Investment Sales groupfor Avison Young announced the sale of two five-story residential properties at 111 & 148 West 141st Street in the Central Harlem neighborhood of Manhattan. Monadnock Development, a developer of both affordable and market rate apartments, purchased the properties for $17,465,000.
Avison Young’s Tri-State Investment Sales group, led by Principal James Nelson and alsoincluding Associate Director Sam Schertz and Associate Broker Allan Fries, represented the seller, Aulder Group, in the negotiations.
“We are excited to have worked with Avison Young and Monadnockon this successful transaction. We strongly believe in the neighborhood and are pleased with the direction Monadnockwill take the building,” said Robert Johnson of Aulder Capital LLC.
The two properties include 89 total units for a combined 36,935 square feet. The larger 111 West 141st Street has 59 units and measures 26,165 square feet while 148 West 141st Street holds the remaining 30 units across 10,770 square feet. They are located between Adam Clayton Powell Jr Boulevard and Malcom X Boulevard on 141st Street, with 75 feet of frontage on the north side and 28 feet on the south.
“We had worked with the seller on past transactions, giving them the confidence that we would be able to find a suitable buyer through our consistent, transparent and relentless approach. The buyer will benefit from purchasing a cash-flowing turn-key asset with strong tenancy in a growing neighborhood,” Nelson said.
Central Harlem is the crown jewel of Upper Manhattan, boasting beautiful architecture, historic structures and a welcoming residential environment, while also being one of the city’s most affordable neighborhoods. The residentially-focused neighborhood features numerous historic districts, including Mount Morris Park, famous for its neo-Grec row houses, as well as the Saint Nicholas Historic District, largely influenced by the Georgian Revival style.The properties offer easy access to transportation via the 2/3/A/C/B/D trains.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
