Rosewood Realty Group delivered the sale of a six-story, 56-unit elevator apartment building in Harlem for $8.75 million.
The 62,345 sq. ft. building at 610 Riverside Drive and West 138th Street was built in 1909 and features 21,116 additional sq. ft. of air rights.
The rent-stabilized building sold for a 4.8% cap rate and 9.9 GRM, at $140 per sq. ft. or $156,000 price per unit.
Rosewood’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyer, a private investor and the seller, 610 Realty Associates, LLC.
“The building represented an opportunity to purchase a property at an extremely attractive basis and way below replacement cost,” said Khakshoor, who added that the buyer plans to hold the property for the long term.
