Massey Knakal Realty Services has been retained on an exclusive basis to sell the residential portion of a newly-constructed elevator building at 327 East 101st Street. The property is located between First and Second Avenues in Manhattan’s East Harlem. The asking price is $19,950,000.
The eight-story building is divided into two condominium units, a religious non-profit and residential portion. The community facility components are located on the ground and second floors and are not part of the sale. The residential component contains approximately 29,556 square feet and consists of the residential lobby on the ground floor and the units on the third to eighth floors. Constructed in 2009, the building is 99% occupied and benefits from a 421-a abatement.
“Newly constructed institutional quality assets of this caliber are scarce in today’s market. This offers an investor the opportunity to own a stabilized asset with tremendous long-term upside,” said Massey Knakal’s James Nelson who is exclusively marketing this property with Lev Kimyagarov and Mitchell Levine. “Over the past year, we have seen substantial growth in rents and condominium sellout values in this part of Manhattan. This area, traditionally considered part of East Harlem, is seeing values approach those in the Upper East Side,” added Lev Kimyagarov.
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Neighborhoods: Harlem