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Posted: December 20, 2016
Singh of Besen & Associates handles $1.9 million multifamily sale: 180 East 111th St., East Harlem
Raunaq Singh, Besen & AssociatesManhattan, NY Besen & Associates completed the sale of 180 East 111th St. in the East Harlem neighborhood.
Raunaq Singh, of Besen, was retained for the exclusive listing of the property and represented the seller. The multifamily property is a 3-story walkup building with four residential units. The sale price of $1.9 million was achieved after various competitive bidding rounds. The price equated to $607 per s/f, a high mark for the area.
The attorneys on the transaction included the Law Offices of Sheldon Glassman as well as Dena Moss of Moss & Moss LLP.
The property was built in 1890 and consists of two 1-bedroom units and two 2-bedroom units. The total square footage is approximately 3,130 with additional air rights available.
“The building which is situated directly adjacent to a community garden for local residents is on one of the most sought after tree-lined blocks of East Harlem. It is a great opportunity to renovate the vacant building to maximize value in this rapidly gentrifying pocket of Manhattan”, said Mr. Singh.
The property is two blocks from 110th Street [6] subway line. It is also walking distance to M101, M102, M103 bus lines. The FDR drive is located in the proximity as well, allowing for easy access to the Bronx, Queens, and throughout NYC.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.
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