Block Owner Buys 2 Rent Stabilized Buildings with 30- Day All Cash Closing

436 & 438 Saint Nicholas Avenue

Harlem | $2,200,000 - SOLD

This asset had been on and off the market historically for 3+ years which ultimately made the opportunity stale to prospective buyers. With multiple asking prices and mixed marketing messages, we instructed a neighbor to hone in on the deal and meet the seller face to face- allowing the transaction to materialize. With 43’ feet of frontage, the buildings were 100% rent stabilized with several nonpaying tenants and compromised diligence paperwork. The purchaser had not bought a building in several years. He negotiated, signed and closed a contract within a 30-day time span. It was ultimately his favorable terms, familiarity with the block and ability to inherit some of the paperwork risk that awarded him the transaction.

Deal Highlights

• Mixed Use Asset

• Sold to local syndicator

• Delivered vacant

• Sub-Rehabilitation

• $635 PSF

• 1988 ownership