An investment property located at 1694 Park Avenue in East Harlem has been sold in a closed transaction. The mixed-use asset consists of 9 residential units and 2 retail spaces. The sale price for the property was $6,900,000, slightly below the initial asking price of $7,000,000. The building spans a total of 9,105 square feet, with a buildable square footage of 13,774. The price per square foot is approximately $758.

Summary of transation details

• Property Type: Mixed Use
• Transaction Amount: $6,900,000
• Address: 1694 Park Avenue
• Market: East Harlem

The seller of the property was Alicia Harper, representing Orsipel LLC. The buyer, Salomon Cojab, represented Visabe Corporation. The sale was facilitated by Anthony Celifarco, a broker from Prime Real Estate Partners. Celifarco and his team encountered challenges during the negotiation process due to the state of the market and existing rent stabilization in the building. However, through productive negotiations and strong client relations, they were able to secure a successful transaction that satisfied all parties involved. Celifarco advises boutique firms and industry veterans to remain adaptable and have confidence that the market will eventually recover.