In one of the largest deals at that time for a raw warehouse in Harlem, a local buyer has purchased two interconnected brick-mill loft buildings, totaling 13,000 square feet in West Harlem for approximately $138 per square foot, according to Ralph Trionfo, who represented both the buyer and seller in the transaction. The selling price demonstrates how fast property values are rising in Central Harlem.
the property at the time of sale before the renovation
The buyer was a developer/contractor who may occupy the block-through loft building or seek a zoning change to convert the buildings into condos. We knew it would be attractive to a user such as a contractor or production company who needed quick access to transportation and highways and who could benefit from strong floor loads, a large freight elevator, good air and light and two overhead garage doors with street curb cuts. We met the seller’s price expectation and made the acquisition feasible for the buyer with creative seller financing. The transaction took only 45-days to close. The two buildings have full basements and a three-ton freight elevator in the center which is rare.
Development, Harlem, Loft, Manhattan, New York City, Office