BEB Capital Grabs East Harlem Community
- Mar 06, 2018
BEB Capital has acquired a newly constructed, 29-unit Manhattan luxury apartment development in East Harlem for $14.3 million from Elisa Fadlun of East 106th St. Realty Development Corp. BEB partially funded its acquisition with a $16 million, section 1031 tax-deferred exchange of a parking structure in Manhattan late last year. The buyer also secured $8.5 million in acquisition financing.
A growing neighborhood
Located at 238 E. 106th St., the building totals 18,860 square feet across eight stories. The structure, which opened in 2016, includes one street-level retail unit and nine parking spaces. Each apartment includes an outdoor terrace, and the community includes a central laundry facility for residents.
“Making use of the 1031 rules enabled us to leverage our success at the Corinthian by building our presence in East Harlem, one of Manhattan’s most vibrant, up-and-coming neighborhoods,” said Lee Brodsky, CEO of BEB Capital, in a prepared statement. “East Harlem is a great place to invest, and the future extension of the Second Avenue subway line makes the area’s prospects even brighter.”
Abie Kassin and David Benharouch of Meridian Capital Group represented both the buyer and seller in the transaction. The firm’s Bryan Kallenberg and Brian Flax closed the acquisition mortgage on behalf of BEB.
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