Manhattan, NY Avant Capital Partners has originated a first mortgage loan in the amount of $2.025 million, secured by a four story building in the Harlem neighborhood.
The building was originally built circa 1901 and features original details that include dentil moldings, fireplaces with period detail and 10 ft. ceilings. The property contains two residential units, with the garden level unit containing one bedroom and access to a backyard and separate entrance. The second residence is comprised of the first, second and third floors and contains up to five bedrooms.
The property is located in Central Harlem, near retail stores, quick-service restaurants, and service providers.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,