Stenson of Brax Realty sells Harlem & Queens portfolio - $8.22 million

Queens, NY Brax Realty negotiated the sale of a five-building portfolio located across Harlem and Queens for a total purchase price of $8.22 million. The properties included 1873 Lexington Ave., 149 East 116^th St., 151 East 116^th St., 175 East 116^th St., and 220-20 Merrick Blvd. The sale marks the first time this portfolio has changed hands in over 30 years. The transaction was exclusively handled by Alan Stenson, senior director of Brax Realty, who represented the seller and also procured the buyers.

“This portfolio presented a rare opportunity in today’s market — long-term ownership, majority-vacant buildings, and significant upside potential,” said Stenson. “We were able to strategically structure the sale as three separate transactions to maximize returns for our client while catering to a range of investor profiles.”

Delivered majority vacant, the portfolio appealed to a diverse pool of buyers seeking value-add opportunities in established and transitioning neighborhoods. The Harlem assets offered prime positioning within East Harlem’s active retail corridor, while the Queens property provided a vacant commercial building with on-site parking. Brax Realty, a New York City-based real estate advisory firm, continues to specialize in the sale of mixed-use, multifamily, and development properties throughout the five boroughs.