Meridian Sells 29-Unit Multifamily Building Located in East Harlem for $14.25 Million

March 29, 2018

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the 29-unit elevator building located in the vibrant East Harlem neighborhood of Manhattan for $14.25 million. Meridian Vice President, David Benharouch, and Managing Director, Abie Kassin, represented the seller and procured the buyer in this transaction.

Located at 238 East 106th Street, the brand-new eight-story, 18,860 square foot property features 29 modern residences and nine parking spaces in one of Manhattan’s most rapidly evolving neighborhoods. Constructed in 2016, the elevator building is comprised of one- and two-bedroom units that are equipped with large windows, glowing hardwood floors, and open-kitchen concepts with Caesarstone counter tops and stainless-steel appliances. Bathrooms include spa-like amenities such as rain shower heads, deep-soaking tubs, and premium finishes. The property features a virtual doorman with video intercom, a modern lobby, a central laundry room, and balconies on all units.

East Harlem features a mix of cultural, historical, and artistic influences. The bustling neighborhood attracts residents attracted to the area’s up-and-coming real estate market and those seeking affordable housing options and a strong sense of community. The property is easily accessible via the 6 subway line at the 103rd Street Station, and the Q train at the 96th Street Station, and is located within walking distance from some of New York’s most notable landmarks, including Museum Mile.

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com