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246 West 116th Street

Heritage Affordable Communities Acquires Affordable Housing In Harlem For $6.3M

246 West 116th Street

37,491 SF
clock iconSold 1 year ago
Robert Khodadadian
Daniel Shirazi
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37,491 sqft

Located at 246 W. 116th St. in Harlem, this property is an affordable housing asset. The transaction took place on May 12, 2022, with the property being sold for a price of $6,300,000. The building spans a total area of 37,491 square feet, resulting in a price per square foot of $168.

Summary of transaction details

  • Property Type: Affordable Housing
  • Transaction Amount: $6,300,000
  • Address: 246 W. 116th St.
  • Market: Harlem

Heritage Affordable Communities, represented by Alex Hajibay and Elliot Hara, acted as the buyer in this deal. Meanwhile, Poko Management, led by Richard Olson, served as the seller. The transaction was facilitated by the brokers Robert Khodadadian and Daniel Shirazi from Skyline Properties.

It's worth noting that the building was subject to regulatory agreements with HDC, HPD, and HCR. However, Heritage Affordable Communities was able to secure an article XI and successfully preserved and extended the affordability of the property. The buyer, HAC, is actively seeking similar affordable housing deals in New York that are encumbered by regulatory agreements with HPD, HDC, and HCR.


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Robert Khodadadian's profile picture
Robert Khodadadian
Skyline Properties-image
President & CEO
$183.7M Sold


Deal Summary
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IMAGE: Robert Khodadadian, Daniel Shirazi, Elliot Hara & Alex Hajibay DATE: 05/12/2022 ADDRESS: 246 W. 116th St. MARKET: Harlem ASSET TYPE: Affordable Housing BUYER: Heritage Affordable Communities - Alex Hajibay & Elliot Hara SELLER: Poko Management - Richard Olson BROKERS: Robert Khodadadian (@Robert_Khodadadian) & Daniel Shirazi (@Shiraziesq) - Skyline Properties (@SkylinePropertiesNYC) (@GroundLease) SALE PRICE: $6,300,000 SF: 37,491 ~ PPSF: $168 NOTE FROM BUYER: Building was subject to regulatory agreement HDC, HPD & HCR. Heritage Affordable Communities (HAC) was able to secure an article XI and preserved and extended affordability for the property. HAC is aggressively looking for affordable housing deals in NY encumbered by regulatory agreements with HPD, HDC & HCR.

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Address246 West 116th Street


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