For $17.4M Six Rent-Stabilized Harlem Buildings Change Hands

Patch reports that six rent-stabilized apartment buildings on the same Harlem block have changes hands in a multimillion-dollar land deal, according to reports

Carthage Real Estate Advisors offloaded its buildings on West 149th Street between Fredrick Douglass and Adam Clayton Powell boulevards to Sharp Management Corporation in exchange for $17.4 million, real estate publication Commercial Observer first reported.

The addresses involved in the sale are 224, 228, 240, 244, 248 and 298 West 149th Street. The portfolio contains 107 rent-stabilized apartments — mostly two-bedroom units — and two retail spaces, Commercial Observer reported. Each property is a six-story building.

The real estate firm Marcus & Millichap brokered the deal and represented both sides, Commercial Observer reported. Brokers described the portfolio as “an asset in a greatly improving neighborhood,” according to the report.

Read the full Commercial Observer report here.

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