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NEW YORK, NY – April 3, 2013 – Ariel Property Advisors has announced the sale of Logan Plaza, a nine-story, 130-unit, low- and moderate-income building that was constructed in the 1980s during the Koch administration. Located at 1423-25 Amsterdam in West Harlem, the property sold for $17 million.
The team of Shimon Shkury, Victor Sozio, and Michael Tortorici served as exclusive agents for the seller, an affordable housing group, and identified the buyer, a private investor.
Logan Plaza, which was the first newly constructed rental project to be developed in Harlem without federal assistance in more than a generation, is governed by a regulatory agreement with the Housing Assistance Corporation (HAC), a subsidiary of the city’s Housing Development Corporation (HDC).
“Logan Plaza is one of only eight New York City ground up developments that were placed into service with a HAC agreement,” said Victor Sozio, vice president for Ariel Property Advisors. “This deal presented a number of complexities including expiring subsidies, expiring tax benefits, and income restrictions on tenancy. The assignment made for an interesting challenge from start to finish.”
Logan Plaza contains approximately 120,570 gross square feet and features 74 one-bedroom, 48 two-bedroom, and 8 three-bedroom apartments; a 24-hour security desk; laundry room for tenants; and 40 outdoor parking spaces.
Situated in the Hamilton Heights area of West Harlem, Logan Plaza benefits from its proximity to Columbia University, City College, Harlem’s 125th Street retail corridor, Dance Theatre of Harlem, the Harlem School of Arts, and Columbia Presbyterian Hospital. The property also is conveniently located near the West Side Highway, and local subways including the 1 line at 125th Street and Broadway and the A,B,C, and D lines at 135th Street and St. Nicholas Avenue.
For more information, please call 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; or Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
