Darouvar, Setareh, Sarraf and Sabet of Venture Capital Properties handle $7.5m sale in East Harlem

Manhattan, NY Kevin Darouvar, Uriel Setareh, Yoel Sarraf and Ryan Sabet of Venture Capital Properties represented The Helen Altheim Stevens Management Trust in a $7.5 million sale of two adjacent five-story mixed-use assets located at 1904-1906 3^rd Ave. on the northwest corner of 105^th St. and 3^rd Ave. in East Harlem.

Combined, the properties consist of 20 residential apartments over three retail stores spanning just under 20,000 s/f. 50% of the apartments are free market while the other 50% is rent stabilized. Only one apartment was delivered vacant.  The retail stores include a laundromat, a beauty product shop, and a discounted eyeglass store.

The purchaser, ABJ Properties, is a real estate investment and management firm based out of East Harlem, who closed on the assets one day before their July 15^th 1031 exchange deadline. 

Darouvar and Sarraf of Venture Capital were hired exclusively to liquidate all assets in the Helen Altheim Stevens Management Trust. 

First of which was 1878 3^rd Ave., a two-story vacant retail building which sold in August of 2019 for $2.1 million. 1904 and 1906 3^rd Ave. were the final two assets in the NYC portfolio which sold for a combined $7.5 million.  

ABJ’s plan with the buildings is to upgrade and renovate the free market units and hold the building long-term as they currently own dozens of multifamily assets in East Harlem.