Rick Herman Acquires Multifamily Property In Harlem For $3.225M

Located at 426 St. Nicholas Avenue, in the bustling neighborhood of Harlem, this multifamily property has recently changed hands in a closed transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,225,000
• Date: 11/09/2021
• Market: Harlem
• Units: 20
• Price Per Unit: $161,250
• Square Footage: 9,980
• Price Per Square Foot: $323

The buyer in this transaction is Rick Herman, while the seller is not specified in the available information. Facilitating this deal were the brokers Joe Koicim, Seth Glasser, and Jake Kahn from Marcus & Millichap.

This successful sale demonstrates the continuous demand and potential for investment in the Harlem multifamily market. The property, consisting of 20 units, spans a total area of 9,980 square feet. With an average price per unit amounting to $161,250 and a price per square foot at $323, this transaction presents a lucrative opportunity for the parties involved.