A 120-unit building and adjacent development site at 1428 Fifth Avenue, spanning an entire Fifth Avenue block front in Central Harlem, was recently sold in an all cash transaction valued at $21,925,000.
Shimon Shkury and Thomas A. Donovan, Partners at Massey Knakal Realty Services, represented the seller, Metrovest Equities, and sold the property to developer L & M Equities.
The transaction consisted of two distinct components. The first was an existing six-story elevatored building spanning Fifth Avenue’s entire western block front between West 116th and 117th Streets. Constructed in 1983, the building contains 120 apartments that were recently ‘marked to market’ with HUD for a new five year contract. The buyer plans on maintaining the building as an affordable housing complex. Renovated under Metrovest’s ownership, the building achieved a 94 REAC score from HUD and had zero violations.
The second component was an L-shaped 220’ by 201.83’ vacant lot, one of the largest remaining development sites in northern Manhattan. Currently the site can accommodate over 180,000 buildable sq. ft., but the site was marketed with proposed plans from Metrovest that could result in a building as large as 260,000 square feet.
Neighborhoods: Harlem