Fairstead Affordable Buys Harlem Apartments for $76M
- Oct 18, 2019
A two-building multifamily portfolio encompassing 214 affordable housing units in the center of New York City’s iconic Harlem neighborhood has been acquired by Fairstead Affordable for $75.5 million.
A subsidiary of real estate developer, owner, operator, investor and recent MHN Excellence Award winner Fairstead, Fairstead Affordable acquires, rehabilitates and preserves affordable housing in the U.S. The company intends to renovate the Harlem portfolio to preserve affordability a full four decades into the future.
A HUD Project Based Section 8 contract and HPD Article 11 regulatory agreement benefit the property. Agents Victor Sozio and Matthew L. Gillis of Ariel Property Advisors represented both the buyer and the seller, Harlen Housing Associates.
Constructed in 1940, the apartment buildings are situated at 580 Malcolm X Blvd. and 50 W. 139th St. in central Harlem. Residences feature studio and one- through three-bedroom floor plans. Among apartment features are above-standard ceiling heights and high-speed Internet access.
In the process of substantially renovating the property, Fairstead Affordable intends to pare energy utilization and improve the buildings’ overall sustainability. Fairstead Affordable will create accessible units fully in accordance with the Uniform Federal Accessibility Standards and Americans with Disabilities Act, which will involve high-quality renovations of apartment interiors.
Also featured will be substantial enhancements of the buildings’ common areas, including their physical plant, lobby, hallways and community room.
The property’s location is an easy walkable distance from a variety of neighborhood services. A Subway restaurant, Presto Fresh Café and United Fried Chicken are all situated within walking distance from the property. Keane Pharmacy, Met Foods Markets and Harlem Bar-BQ require no more than a.05-mile stroll from the apartments.
The neighborhood is also home to several churches and schools, the Schomburg Center for Research in Black Culture, the Harlem Child Development Center and the Salvation Army Harlem Temple Corps. The Colonel Charles Young Playground is situated several blocks north on Malcolm X Boulevard.