Solarz and Sparks of Eastern Consolidated chosen to market 14-property portfolio in Upper Manhattan

New York, NY Eastern Consolidated has been selected to market a portfolio of 14 mixed-use and multifamily properties in Upper Manhattan. The package consists of 357 apartments, 10 retail stores, and seven rooftop antennas spread across 229,945 s/f. Seven of the buildings are located in East Harlem, one in Manhattanville, one in Hamilton Heights, and five in Central Harlem. Eastern Consolidated’s Ron Solarz, principal and executive managing director, and Matthew Sparks, senior director, are exclusively marketing the portfolio. Wade Hazelton, associate director of Financial Services, is the analyst for the package. “The entire portfolio presents an incredible opportunity for an investor to acquire a substantial footprint in Upper Manhattan, one of New York City’s most rapidly appreciating markets, but the ownership may consider selling the package in pieces,” Solarz said. “The properties have been extremely well-maintained with significant capital spent on upgrades to building systems, violation reduction, and individual apartment renovations.” Individual asking prices are as follows: 88 East 111th St. $12.5 million; 316, 322 & 326 East 117th St. $17.5 million; 1661 Park Ave. $12.05 million; 524 East 119th Street $10.2 million; 1469 Fifth Ave. $10.75 million; 507 West 134th St. $6.5 millon; 265-273 West 146th St. $23.5 million; and 545 West 148th St. $16 million. Rents in Harlem have increased 9.7 percent year-over-year through May 2015 – compared to 2.5% for Manhattan. The 125th St. corridor is undergoing a wave of revitalization centered on national retailers, full-service office buildings and luxury apartment lines. In addition, the Columbia University Manhattanville Expansion will include 6.8 million s/f of facilities and is expected to draw thousands of new students and faculty to the area. The properties also are conveniently located near subway lines providing quick transportation to Midtown.