Manor Properties has acquired two multifamily buildings in Harlem totaling 131 units from AWM Holding LLC for $20 million, or about $152,700 per unit. The properties sold with an in-place cap rate reported at 5.7%.
The deal includes 408-410 130th St. and 446-458 W. 162nd St. The six-story, 63,264-square-foot property on 130th St. was built in 1926 and has 83 units, while the six-story building on W. 162nd St. totals 37,020 square feet and 48 units, and was built in 1910.
Glen Siegal and Don Hagen of Lee Odell Real Estate Inc. represented the buyer in the portfolio transaction, which was part of an estate sale by the seller. The buyer made the purchase as a downleg in a 1031 exchange.
Please refer to CoStar COMPS #1475834 for more information on this transaction.