Apartment Investment and Management Company (AIMCO) has closed on the sale of a 21-building, mixed-use portfolio in Central Harlem for $66.65 million. The buildings were originally purchased by AIMCO in 2007 as part of a large portfolio from Heritage Realty. The walk-up properties consist of 224 residential units and 30 retail stores which span over three city blocks, mostly on Adam Clayton Powell Blvd. Together they contain 215,000 s/f of space with a great unit mix. The deal was sold as an off-market transaction by Steven Vegh of Westwood Realty Associates who was the sole broker.
The purchaser is a private Brooklyn based real estate investment firm who believes in the gentrification of the neighborhood. Tags: