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Another sizeable New York City rent-stabilized apartment portfolio traded before the end of 2019, The Real Deal reported. An entity tied to Yechiel Newhouse paid about $118 million for a 407-unit portfolio of 31 mostly rent-stabilized buildings in Harlem in a deal that closed on Dec. 20, according to public records. The portfolio also includes retail. The seller was Ben and Jon Soleimani's ABJ Property, which assembled the Harlem buildings in pieces over the years, records show. More than 85 percent of the residential units are rent stabilized, according to tax filings. The portfolio includes nine mostly contiguous buildings on Adam Clayton Powell Jr. Boulevard and four buildings between 120th and 122nd streets on Manhattan Avenue. Jonathan Rose, a descendent of the real estate dynasty behind the Rose Associates empire, has bought a Mitchell-Lama property on Halletts Point by Astoria Cove for around $35 million, the New York Post reported. Rose's firm, Jonathan Rose Cos., will maintain the Astoria property as an affordable rental project under the so-called Mitchell-Lama law passed in the 1950s to create affordable housing for NYC's middle class. The project at 4-21 27th Ave. at 9th Street in Queens was sold by Goodwill Industries of Greater New York and Northern New Jersey. The United States Marshals Service will move its New York City offices from Chelsea to Industry City in Sunset Park, Brooklyn, the Commercial Observer reported. The General Services Administration (GSA), which handles leasing for the federal government, inked a 15-year deal with a five-year option for 40,000 square feet at Industry City's Building 6, at 34 34th Street between Second and Third Avenues, a source with knowledge of the deal said. The New York City Department of Housing Preservation and Development released a Request for Proposals (RFP) seeking qualified development teams to submit plans to build 100% affordable housing on two sites in the Southwestern Bronx, Connect Media reported. Development of the two city-owned sites is part of the city's Jerome Avenue Neighborhood Plan. The U.S. labor market ended the year with less momentum, as payroll gains cooled by more than forecast and wages rose at the weakest annual pace since 2018, even as unemployment held at a half-century low of 3.5%, Bloomberg reported. Nonfarm payrolls rose 145,000 after a downwardly revised 256,000 advance the prior month, according to the Labor Department. That compares with the median estimate of 160,000 in Bloomberg's survey of economists. Average hourly earnings climbed a below-forecast 2.9% from a year earlier, the first sub-3% reading since July 2018.
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