Genesis Companies and BETHEL DESTINY PAVILION HOUSING DEV. FUND CORP paid $10M to HCCI GENESIS Y15 HOUSING DEV. FUND CORP.

Genesis Companies and BETHEL DESTINY PAVILION HOUSING DEV. FUND CORP through the entity JENKINS PORTFOLIO COMPANIES LLC paid HCCI GENESIS Y15 HOUSING DEV. FUND CORP., $9.6 million for 8 parcels, including the tax class multifamily, over six families without stores (C1) and containing 101 residential units at 216 West 149 Street, 206 West 149 Street, 202 West 149 Street, 2574 Adam C Powell Blvd, 2568 Adam C Powell Blvd, and others in Central Harlem. The deal closed on June 28, 2019 and was recorded on July 18, 2019. The parcel(s) have total development potential of 101,744 square feet.
The sale price per unit is $95,366..
The estimated cap rate is 7.1%

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $175,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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