News:
Brokerage
Posted: August 13, 2024
Schertz of Schuckman Realty completes $25.2m sale of multi-family buildings in Harlem
Manhattan, NY Schuckman Realty brokered the sale of two multi-family buildings located at 111 and 148 W 141st St. The sale closed on July 18, 2024, with a sale price of $25,210,891.
Representing the owner in this transaction was Sam Schertz of Schuckman Realty. The 26,000 s/f deal did not involve any other brokers, emphasizing Schuckman Realty’s capability to independently manage transactions.
These properties benefit from the Article XI tax abatement with a 610 Amendment in place, making them attractive to investors interested in rent-stabilized products. This sale represents the second time Schuckman Realty has facilitated the sale of these particular buildings.
Schertz said, “Article XI is one of the magic words for owners of rent stabilized product. We are proud to manage such properties and guide our clients through the complexities of these opportunities. For those interested in similar properties or learning more about the program, we’re currently marketing a similar type of portfolio in the Bronx.”
Tags:
Brokerage
MORE FROM Brokerage
Williams Equities leases 100,000 s/f at 470 Park Avenue South
Manhattan, NY Williams Equities leased 100,000 s/f of office and retail space at 470 Park Avenue South since acquiring the building 18 months ago.
Columns and Thought Leadership
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
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 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
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.