Multi-family Harlem portfolio already drawing crowds.Eastern Consolidated has been tapped to exclusively represent the owner in the sale of The East Harlem Portfolio, a unique collection of 48 mixed-use and multi-family buildings strategically located in East Harlem, a neighborhood that unquestionably un·ques·tion·a·ble adj. Beyond question or doubt. See Synonyms at authentic. un·ques  tion·a·bil has one of the highest rent growth potentials in Manhattan. Eastern's Marcia Rose Yawitz, senior director, together with Peter Hauspurg, chairman, is spearheading the marketing initiative on behalf of the seller of the portfolio, which offers 47 four- to six-story walk-up and elevatored buildings in East Harlem. Also included in the sale is the 48th property in the East Village comprised of four commercial and three residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units situated in the East Village. Located from East 100th Street to East 122nd Street, between Park Avenue and the FDR Drive, the majority of the properties are in close proximity to one another, affording ownership significant management efficiencies and economies of scale, such as the ability to have one superintendent oversee three or four buildings. The buildings contain a total of 1145 apartments, ranging in size from studios to three bedrooms, plus 61 ground floor retail spaces on the avenues and side streets. Eighty-two percent (945) of the total units are rent-stabilized, and with average rental rates currently at $1,099, which is under market for the area, there is sufficient turnover (approximately 15-20 percent per year) for income growth. "Average rents are 30%t below the market for the area," noted Yawitz, "and in the past five years, market rents have grown in excess of 12% per year and are projected to continue rising well into the next decade. "This offering has already generated a great deal of interest, largely because East Harlem represents one of the last major redevelopment opportunities in the City. Rarely does a portfolio of this size with so much growth potential come to market." The buildings are in good condition, having had most if not all major building systems replaced recently, namely new boilers, new windows, new roofs and adequate wiring, so that very little capital expenditure is required following acquisition. East Harlem is a 2.2 square mile area that has already fostered a significant amount of new development, both condominiums and rentals, along Fifth and Madison Avenues Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and luxury high rises on Lexington and First Avenues. Present and future development should have a positive impact on property values in the years ahead. "With such cultural draws as Museum Mile, the Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere Cultural Center, El Museo del Barrio Founded in 1969 by a group of Puerto Rican artists, educators,community activists and civic leaders, El Museo del Barrio is located at the top of Museum Mile in New York City (USA), in East Harlem a neighborhood also called 'El Barrio' and is the only museum dedicated to the , and magnificent turn-of-the-century architecture, plus excellent mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. and bus access which will only be enhanced upon construction of the Second Avenue subway, East Harlem is definitely a sought-after revival enclave enclave /en·clave/ (en´klav) tissue detached from its normal connection and enclosed within another organ. en·clave n. A detached mass of tissue enclosed in tissue of another kind. ," said Yawitz. The owner has assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. The East Harlem Portfolio over the course of 25 years. |
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