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

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.