Polsinelli closes one of NYC’s first proactive COPA-style transactions for $15 million

Manhattan, NY Trystan Polsinelli closed one of New York City’s significant, proactive, COPA-style transactions, selling 2162–2172 Third Ave. in East Harlem for $15 million in a voluntary sale that offers a clear model for how the market can perform without mandatory market restraints.

The mixed-use asset sits along a key East Harlem corridor and attracted strong interest from both traditional value-add investors and nonprofit preservation buyers. Through a fully competitive, open-market process, the property was ultimately sold to a mission-driven supportive housing operator at pricing that exceeded typical investor expectations, demonstrating the growing strength and competitiveness of preservation-focused capital.

This transaction was structured proactively. By positioning the asset early and engaging all buyer pools simultaneously, the seller captured premium pricing while advancing long-term affordability goals. The result was a policy-aligned outcome achieved without disruption to market economics.

This transaction directly challenges the narrative that regulatory pressure has eliminated strong execution outcomes for New York multifamily owners. Despite unprecedented legislative headwinds, the deal delivered both market-driven pricing and preservation certainty, proving that thoughtful strategy and experience still matter.