News:
Brokerage
Posted: July 25, 2023
Fairstead sells 538-unit Dunbar
Apartments for $86.75 million
Manhattan, NY Fairstead has sold the Dunbar Apartments, a 538-unit historic residential community located in central Harlem to Isaac Herskovitz for $86.75 million. Built in 1928, the 10-building complex occupies an entire city block enclosing a private courtyard and is designated on the National Register of Historic Places.
The Dunbar Apartments is a complex of buildings located on West 149th and West 150th Sts. between 2802-2816 Frederick Douglass Blvd./Macombs Pl. and Adam Clayton Powell Jr. Blvd.
The buildings sold for a Cap Rate of 7.67%, $199 per s/f. and $161,546 price per unit.
MF1Capital provided an $83 million acquisition loan.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor, Alex Fuchs and Westwood’s Steven Vegh represented both the buyer, Isaac Herskovitz and the seller Fairstead.
Fairstead took over the building in July 2018 and soon after enacted a comprehensive rehabilitation plan that restored the building to its former glory.
Tags:
Brokerage
MORE FROM Brokerage
Institutional Property Advisors exclusively offers grocery anchored retail center for sale in Pennsylvania’s Lehigh Valley
Allentown, PA Institutional Property Advisors (IPA), a division of Marcus & Millichap has been named the exclusive listing of Allen Street Shopping Center, a 46,228 s/f
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
