Rockledge CRE, a Manhattan-based real estate investment and property management group, has purchased two contiguous five-story walk-up buildings in Harlem for $11.35 million.
The 53,815 sq. ft. buildings at 401-405 Edgecombe Avenue (between 145th and West 155th) were built in 1920 and feature 66 units and one laundry room, as well as 36,485 sq. ft. of air rights.
It sold for a caprate of 5.91%, at a GRM of 8.58 times the current rent roll, or $311 per sq. feet.
Rosewood Realty Group Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyer Rockledge CRE and Brian Ezratty from Newmark represented the seller, Peter Takiff.
“The buyers were able to assume a great loan with a 3.47% interest rate and plan to renovate the free market units to raise rents upon turnover,” said Khakshoor.
