NEW YORK, NY – Eastern Consolidated is pleased to announce the $18.5 million sale of “The Promenade” Apartments, a prominent, extremely well-located, 318-unit, 32-story residential Mitchell Lama project in Harlem, overlooking the Hudson River in the Marble Hill section of Manhattan.
The buyer is Global One Real Estate Fund, led by Robert Nelson, in conjunction with the NYAH Preservation Fund (a joint venture between Citi Community Capital and L&M Development Partners).
Eastern Consolidated has developed an expertise in the sale and purchase of affordable housing projects. Eastern Senior Director Adelaide Polsinelli with Director Financial Services Scott Ellard represented the seller and procured the purchaser in the transaction.
“Global One, with many years of experience in acquiring and rehabilitating affordable housing projects, plans to infuse the property with significant funds, enabling it to remain competitively affordable,” said Ms. Polsinelli, who added that Global One focuses on infrastructure improvements and replacing outdated building systems.
“The original boiler from when the building was built in 1972 will be replaced and new elevator cabs, a new roof, renovations to the hallways and lobbies are among the planned upgrades.”
According to Mr. Ellard, “Global One also intends to pursue LEED certification for the property as it has for its other holdings.”
As part of its multifamily platform Eastern has targeted several other affordable housing projects that are ideal acquisitions for its list of highly-qualified investors, well-versed in the intricacies of such transactions.
“As more and more Mitchell Lama projects’ subsidies terminate, we anticipate a plethora of further opportunities for investors to acquire such complexes, which benefit from significant financial upside once renovations are affected and units can be re-positioned,” noted Ms. Polsinelli. Contact Adelaide Polsinelli for further information on affordable housing opportunities.
Attorneys in the transaction were: Jeff Lenobel, Esq., Sue Frunzi, Esq., Gregory Pressman, Esq., and Joshua Cohen, Esq. from Schulte Roth & Zabel LLP with Richard Singer, Esq., Hirschen Singer & Epstein LLP for the seller; and Martin Luskin, Esq., David Brier, Esq., and Kim Khutorsky, Esq., Blank Rome LLP for the buyer.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.