Fairstead pays $76M to Michael Greenberg’s ACH Realty for property in Central Harlem

Fairstead through the entity Harlen Housing Development Fund Corporation paid Michael Greenberg’s ACH Realty’s Harlen Housing Associates, L.P. $75.5 million for 560 Lenox Avenue, 50 West 139th Street in Central Harlem. The deal closed on October 11, 2019, and was recorded on October 28, 2019. The transaction consists of 2 parcels, including the tax class multifamily, converted (D5) and containing 213 residential units. The property is square feet. The parcel(s) have total development potential of 191,550 square feet.
The sale price per unit is $354,460.
The estimated cap rate is 2.8%
Fairstead is led by Jeff Goldberg, Will Blodgett, as well as CBRE’s Stephen Siegel and Andrew Goldberg.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $430,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: An earlier version of this post misspelled Michael Greenberg’s name.

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