ABJ Properties Acquires Mixed-Use Property In East Harlem For $7.5M

The mixed-use property located at 1904-1906 3rd Avenue in East Harlem has been sold in a recent transaction. The property consists of 20 apartments and 3 retail spaces, totaling approximately 19,615 square feet. The sale price was $7,500,000, with an asking price of $8,500,000. The price per square foot was calculated at $382. The transaction took place on July 13, 2020.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $7,500,000
• Market: East Harlem
• Square Footage: 19,615
• Number of Units: 20 Apartments & 3 Retail
• Seller: Helen Altheim Stevens
• Buyer: ABJ Properties - Benjamin Soleimani & Ariel Hakimi
• Brokers: Ryan Sabet & Yoel Sarraf (12Multifamily), Kevin Darouvar & Uriel Setareh (@Darouvar_Team @VCPRE)

In this transaction, the seller, Helen Altheim Stevens, sold the property to the buyer, ABJ Properties, represented by Benjamin Soleimani & Ariel Hakimi. The brokers involved in the deal were Ryan Sabet and Yoel Sarraf from 12Multifamily, as well as Kevin Darouvar and Uriel Setareh from @Darouvar_Team @VCPRE.

It is worth noting that @212Multifamily and @Darouvar_team have liquidated the final assets in the Helen Altheim Stevens Management Trust. Additionally, 50% of the apartments in the property are Free Market.