Manhattan, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a portfolio of five rent regulated buildings in the Central Harlem neighborhood for $7.8 million.
Meridian senior executive managing director, Amit Doshi, managing director, Shallini Mehra, and vice president, Jonathan Shainberg, represented the seller and buyer.
The properties, located at 2913, 2917, 2919, and 2922 Frederick Douglass Blvd., are comprised of 100% Low Income Housing Tax Credit (LIHTC) tenants and are governed under five separate rent regulatory agreements. The 40,000 s/f mixed-use community, known as Madam C.J. Walker, consists of 41 apartments and six stores. The final sale price translates to a 5.5% capitalization rate, $147,169 per unit and $195 per s/f. Due to the tax credits, the project also benefits from no tax payments until 2033. The properties are advantageously located one block east of the Jackie Robinson Recreation Center and within close proximity to various shops, restaurants, and schools. Frederick Douglass Boulevard is easily accessible via Harlem River Dr. and the B, D, A, and C subway lines at 155th St. in addition to the 3 subway line at 148th St. / Lenox Ave.