Joshua Zegen and Brian Shatz’s Madison Realty Capital has teamed with Ari Shalem’s RWN Real Estate Partners in Purchasing 2 adjoining properties in Harlem, for $30 million.
The first property, 300 West 112th Street, is a rental apartment building built in 1900. It has five stories and a total of 26, 745 square feet on a 5, 069 square foot lot. It offers hardwood floors and 9 foot high ceilings in its 21 units.
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The second building, 2053 Frederick Douglass Boulevard, on the corner of 112th Street, is also a residential apartment building built in 1900. It has a total of 37, 822 square feet over five stories on a 7, 544 square foot lot with 31 units. It features hardwood floors, 10 foot high ceilings, spacious windowed eat in kitchens, recessed lighting, huge master and 2nd bedrooms and plenty of closets for the tenants.
Both brown brick buildings have a laundry room and are right by 4 subway lines, a Zoma and a Starbucks and are not far from Columbia University. The Fredrick Douglas Blvd. building has newly repainted, blue fire escapes that nicely complement the brown bricks. Each property also has one retail space on the street level.
The combined buildings also come with 30, 000 square feet of unused air space above them which the new owners could use to add more floors for new condominiums. The two firms will also renovate the various units and try fill the current vacancies.
Apartments in the area are reportedly averaging more than $1 million.
Mr. Zegen said in a statement about the Acquisition, “Frederick Douglass Boulevard has seen tremendous growth and revitalization over the past several years. Redevelopment and expansion of the residential stock, combined with the growth of an appealing mix of restaurants and retail, has transformed the neighborhood. Recently the area has seen an influx of families and young professionals seeking alternatives to the Upper West Side, without sacrificing proximity to Central Park or the unique residential feel of Upper Manhattan.”
Mr. Shalem said, “Given those dynamics, we see considerable untapped demand for high-quality residential projects on Frederick Douglass Boulevard, particularly at the southern end near Central Park. The properties we acquired have significant unused development rights, which provide the opportunity for further residential development. The retail market in this neighborhood is also seeing strong growth.”
