Black Spruce pays $76M for Harlem portfolio

Irving Langer’s E&M Associates continues to sell

Black Spruce Management and NYC Housing Partnership have acquired a 21-building Harlem portfolio from Irving Langer’s E&M Associates for $76.25 million. The properties span a total of 215,000 square feet, and contains 224 residential units, plus 30 retail stores.

Addresses include… 2247-2253, 2300-2310, and 2252-2258 Adam Clayton Powell Boulevard; 2247 and 2484 Seventh Avenue; and 204 West 133rd Street. The buyers intend to maintain the apartments as rent-stabilized going forward, according to TRD.

Worth Noting: E&M sold another Harlem portfolio last month to Sugar Hill Capital Partners for more than $250 million.

Flashback: Langer’s E&M paid $66.7 million for the portfolio in 2014.