Heritage Affordable Communities Purchases Affordable Housing Portfolio In East Harlem For $14.48M

The transaction involves a portfolio of affordable housing assets located in the East Harlem area. The properties include 9 East 131st Street, 11 East 125th Street, 18 East 126th Street, 19-21 East 127th Street, 22 East 125th Street, 22 East 127th Street, 49 East 130th Street, 1974 Madison Avenue, 1986 Madison Avenue, 1988 Madison Avenue, 2013 5th Avenue, and 2071 5th Avenue. The sale was finalized at a price of $14,480,852, encompassing a total of 138 residential units with an average price per unit of $104,933. The portfolio has a combined square footage of 110,936, resulting in a price per square foot of $130.

Summary of transaction details:

• Property Type: Affordable Housing
• Transaction Amount: $14,480,852
• Units: 138
• Price Per Unit: $104,933
• Square Footage: 110,936
• Price Per Square Foot: $130
• Market: East Harlem
• Buyer: Heritage Affordable Communities
• Buyer's Representatives: Gabriele Hakimi & Vidit Hirani
• Broker: Seth Glasser - Marcus & Millichap

Heritage Affordable Communities, represented by Gabriele Hakimi and Vidit Hirani, is actively pursuing investments in Low-Income Housing Tax Credit (LIHTC) properties across New York City. The company focuses on acquiring properties encumbered by regulatory agreements and is open to various building types and deal sizes. Their commitment to rapidly expanding their affordable housing portfolio indicates a strategic approach towards enhancing housing options within the five boroughs.