I enjoyed this project and represented both the buyer and seller in the sale of a mostly vacant five-story mixed-use apartment building and negotiated the terms of the transaction. The desirability of this property which is well located on the corner of the main thoroughfare with easy access to public transportation, shopping, and other amenities, contributed to the fast three-day sale from contract to closing.
The five-story Harlem walkup, which has 12 large apartments and five stores, suffered minor fire damage in the staircase and has been unoccupied by residential tenants. The buyer inspected the property on a Saturday, signed the contract on Monday and closed on Wednesday. The seller had the due-diligence material ready. We submitted a non-refundable contract deposit, and the sale closed with no contingencies.
I assisted the new owners with the clean out and immediate repairs of the building while we determine whether to resell it or develop it ourselves. The ground-floor retail spaces had short-term leases and can also be reconfigured or combined to attract franchise tenants. The building had good strong “bones”, the structure and façade were in good condition making this a very attractive rehab.