Manhattan, NY Michael Ferrara, senior director, and Joey Beyda, investment sales associate, of Manhattan based investment sales brokerage firm Highcap Group, brokered the sale of a two building multifamily package in East Harlem. The properties, 166-168 East 104th St., are located between 3rd Ave. and Lexington Ave. and sold for $6.8 million. The purchaser, represented by Beyda is a local private investor, and the seller, represented by Ferrara, was Nadlan 104 LLC. The two building package had 50’ of frontage on East 104th St. and consisted of 13,408 s/f. The two four story walkups had a total of 16 apartments of which six were free market and completely renovated.
Ferrara said, “The properties have future upside in the remaining rent stabilized units and are located in an area of East Harlem that will continue to see growth. After we presented him the deal, the purchaser moved very quickly to sign a contract and lock up the deal.”