Sasson and Sinsheimer of Eastern Consolidated close sale of 45-unit multifamily for $14.7 million
Manhattan, NY Eastern Consolidated has arranged the sale of a 45-unit multifamily building at 109 East 102nd St. between Lexington and Park Aves. in East Harlem. The 30,129 s/f newly constructed property traded for $14.7 million in an off-market transaction.
Eastern Consolidated senior directors Andrew Sasson and Chad Sinsheimer represented the seller, Empire Holdings Group III, LLC, which developed the building over 10 years ago, and procured the buyer, Itzhaki Acquisitions.
“This is a terrific cash flowing asset in a rapidly appreciating area of Manhattan,” Sinsheimer said. “East Harlem is catching up with the rest of Manhattan, and with the proposed East Harlem Rezoning plan on the horizon, the buyer believes the area will see additional changes.”
Elie Mansdorf director of acquisitions for the buyer said, “We are very excited about this acquisition. This asset has both short and long-term growth potential and we believe very strongly in the continued improvement of this area.”
Sasson said, “The seller developed this apartment building several years ago and saw a great opportunity to capitalize on today’s market by selling it.”
Of the 45 residential rental apartments, 25 are one-bedroom units and 20 are studios. The property is two blocks from Central Park and a short walk to the 6 subway line at 103rd and Lexington Avenue.