GO-RE Partners has paid Greystone Development a total of $28.2 million to purchase a pair of multifamily buildings located in East Harlem, according to information obtained by Commercial Observer.
The company that arranged the purchase, the complex known as Harlem 125 is located at 69 East 125th Street and 58 East 126th Street. It comprises 75 apartments, a mix of market-rate and income-restricted residential units, and is comprised of two separate buildings, according to Ariel Property Advisors.
A tax break under Section 421a will be granted to it until the year 2043.
As stated by The Real Sale and brokers involved in the sale, Greystone bought the lots in question in a bankruptcy auction in 2014 for the sum of $11.5 million and immediately began work on two new apartment buildings. These buildings, located at 69 East 125th and 58 East 126th, each have six stories and a combined height of 12 stories.
As per GO-RE co-founder Doron Greenberg, finance for the transaction was supplied by JPMorgan Chase (JPM), and it was in the amount of $16.9 million.
He further stated, that the high quality of the structure as well as the location made it a suitable fit for GO-RE, which began purchasing properties in 2022 with the intention of investing in them for the long run.
The transaction was brokered by the Ariel Property Advisors team of Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh, and Michael Tortorici.
The previous year, Greystone made many attempts to sell the property; however, all were unsuccessful. This year, according to Sozio, Greystone made contact with Ariel in the hopes that the company may assist in developing a novel strategy.
“We were able to build some momentum right off the bat,” remarked Sozio after the team’s successful start. “And I think we got some pretty good traction early on in the process, even though it was a turbulent and volatile time.”
A request for a response from Greystone was not answered by a representative from the company.