Realty Capital New York Acquires Multifamily Buildings In Harlem For $2.2M

Realty Capital New York has acquired two adjacent rent-stabilized buildings in Harlem for a total of $2,200,000. The properties, located at 436 and 438 Saint Nicholas Avenue, offer a combined 20 units with a total of 14,735 square feet. The purchase price equates to approximately $110,000 per unit and $149 per square foot. The deal was facilitated by brokers Haley Hasho, Justin Conway, and Simba Conway of Exodus Capital.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,200,000
• Address: 436 & 438 Saint Nicholas Avenue
• Market: Harlem
• Buyer: Realty Capital New York - Eric Delafraz
• Brokers: Haley Hasho, Justin Conway & Simba Conway - Exodus Capital
• Units: 20
• Price per Unit: $110,000
• Square Footage: 14,735
• Price per Square Foot: $149

The two buildings, which have been 100% rent-stabilized for the past 25 years, were sold at a 7.5% cap rate and a 7x gross rent multiplier (GRM). The transaction was completed with a 30-day all cash contract to close period. For similar buying or selling opportunities involving rent-stabilized buildings across the boroughs, interested parties can contact Haley Hasho at [email protected] and Justin Conway at [email protected].