ABJ Properties paid $8M to L+M Development Partners

ABJ Properties through the entity Madam C.J. Walker Housing Development Co, Inc. paid L+M Development Partners’s Madam C.J. Walker Housing Development Co, Inc. $7.8 million for 5 parcels, including the tax class multifamily, old law tenements (C4) and containing 41 residential units at 2913 Fred Douglass Blvd, 2917 Fred Douglass Blvd, 2919 Fred Douglass Blvd, 2920 Fred Douglass Blvd, 2922 Fred Douglass Blvd in Central Harlem. The deal closed on June 19, 2019 and was recorded on July 19, 2019. The parcel(s) have total development potential of 41,617 square feet.
The sale price per unit is $190,244..
The estimated cap rate is 6.2%
The last time the property sold was August 02, 2018, for $1,776,478.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link