Fairstead Affordable Acquires Multifamily Property In Central Harlem For $75.5M

The multifamily property located at 560 Lenox Avenue and 50 West 139th Street in Central Harlem has been sold for a price of $75,500,000. The seller, Harlen Housing Associates L.P., represented by Michael Greenberg, has completed the transaction with the buyer, Fairstead Affordable, represented by Stephen Spiegel. The buyer was assisted by Ariel Property Advisors, with Victor Sozio playing a key role in the deal.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $75,500,000
• Total Square Footage: 191,550
• Price per Square Foot: $391
• Number of Units: 214
• Price per Unit: $350,467

This sale represents a significant transaction in the Central Harlem market. The property comprises a multifamily asset with 214 units, totaling 191,550 square feet. The transaction was facilitated by Harlen Housing Associates L.P., represented by Michael Greenberg, and Fairstead Affordable, represented by Stephen Spiegel. Victor Sozio of Ariel Property Advisors played a crucial role as a broker in the deal.