Harlem Building Sells for Nearly $24M

NEW YORK—Marcus & Millichap Real Estate has arranged the sale of 680 Saint Nicholas Avenue, for $23.65 million. Peter Von Der Ahe, a first vice president investments, Scott Edelstein, an associate vice president investments, and Seth Glasser, an associate, all in Marcus & Millichap’s Manhattan office, represented the both the buyer and the seller.

680 Saint Nicholas Avenue is a 117-unit apartment building with five retail tenants and a cell phone antenna. The sales price of $23.65 million equates to $179 per sq. ft. of space.

“This asset is the largest single building sold in Harlem this year,” said Von Der Ahe. “The sale reflects the interest many investors have in this segment of the affordable housing market.”

Located on a corner lot, 680 Saint Nicholas Avenue includes a housing assistance payment contract in place through 2015. The eight-story elevator building sits on a 184-ft. by 101-ft. lot and includes one- and two-bedroom apartments.

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