NEW YORK CITY -- Harbor Group International, LLC (“HGI”) announced today that affiliates of the company have acquired a 37-unit apartment building on Manhattan’s Upper East Side at 162-164 East 82nd Street, between Lexington and Third Avenues, for $16.15 million.
HGI intends to invest an additional $950,000 for structural, mechanical and façade improvements as well as upgrades to common areas and amenities. In addition, capital will be available to renovate rent-stabilized units as they become available.
“This is the second residential property HGI has purchased this year in one of Manhattan’s most desirable neighborhoods,” said Jordan E. Slone, Chairman & CEO of HGI. “We believe strongly in this market and that our renovation plan along with increased operating efficiencies will provide the best possible value to our investors.”
Built in 1920, the property consists of two contiguous 5-story walk-up buildings totaling 37 units. It features various floor plans with an average size of 510 square feet. Located between 3rd and Lexington Avenues on the south side of the street, the property offers convenient access to Central Park and public transportation.
The transaction comes less than two months after HGI’s acquisition of 334-338 East 79th Street, also on Manhattan’s Upper East Side between First and Second Avenues. HGI purchased the 46-unit apartment property for $20.5 million and is currently executing its $1.2 million renovation plan for the property.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.