Type:
Mixed Use
Units:
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107-111 WEST 137TH ST & 2830 FREDERICK DOUGLASS BLVD
Harlem, Manhattan
$9,000,000
Property Description
IPRG has been exclusively retained to market for sale 107-111 West 137th Street and 2830 Frederick Douglass Boulevard, a three-building regulatory multifamily portfolio located in Central Harlem. The portfolio consists of 49 residential units and two commercial units across three properties located within close proximity to one another.
The properties are subject to existing affordability and regulatory agreements with the New York City Department of Housing Preservation and Development (HPD) and currently benefit from a 34-year J-51 tax exemption, scheduled to phase out through approximately 2039. The portfolio presents an opportunity for a qualified purchaser to pursue a long-term Article XI tax exemption and benefits from attractive in-place financing that is assumable subject to lender and HPD approval, providing a unique combination of favorable debt and long-term real estate tax benefits.
HIGHLIGHTS:
- 51-Unit Regulatory Multifamily Portfolio
- 49 Residential Units & 2 Commercial Units
- Three-Building Central Harlem Portfolio
- Favorable In-Place Financing – Assumable Subject to Approval
- 34-Year J-51 Tax Benefit – Phaseout Through Approximately 2039
- Potential for Long-Term Article XI Tax Benefits
- Existing HPD Affordability & Regulatory Agreements
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Block & Lot:
2006-25, 2006-24,
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Neighborhood:
Harlem
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Building Dimensions:
See OM
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Units:
51
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Tax Class:
2
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