Lieberman, Schechtman and Saffioti of Eastern Consolidated represent East Harlem Developers in $23.15 million sale of two Harlem condominium buildings

Eastern Consolidated has closed on a $23.15 million sale of two newly constructed condominium buildings in Harlem. The properties, converted into rental apartments, position the buyer to achieve rent growth as the neighborhood undergoes a major revitalization. Eastern Consolidated senior director Lipa Lieberman, principal and executive managing director David Schechtman, and director Gabriel Saffioti represented the landlord, Moshe Gold of East Harlem Developers, on an exclusive basis, as well as the buyer, a private investor who bought the property using a limited liability company. The two eight-story properties are located at 160 and 178 East 117th St. between Lexington and Third Aves. and close to major transit lines and retail hubs. They are comprised of 41 light-filled units that total 62,660 s/f. "The market timing of these deals couldn't have been better. The properties benefit from the tremendous momentum created by Columbia University's expansion and Harlem's resurgence," Lieberman said. "This makes for fertile ground in rent growth, which is likely to accelerate quickly." The property at 160 East 117th St. features 19 large one and two-bedrooms units ranging from 791 to 1,920 s/f. The property at 178 East 117th St. has 21 large two-bedroom units and one one-bedroom unit ranging in size from 980 to 1,739 s/f. Due to the recent construction of the property, the apartment rents are regulated under the city's 421-A program. The attorney for the seller was Jeffrey Zwick, Esq. of Jeffrey Zwick & Associates, P.C. The attorney for the buyer was Thomas Neufeld, Esq., Anderson Kill & Olick, P.C.