Yechiel Newhouse has acquired a 13-building rent stabilized portfolio in Harlem from ABJ Property’s Ben and Jon Soleimani for $118 million. The 407-unit portfolio includes nine mostly contiguous buildings on Adam Clayton Powell Jr. Boulevard and four buildings between 120th and 122nd streets on Manhattan Avenue. Over 85 percent of the apartments are subject to rent stabilization, according to TRD.
- Financing details: Newhouse secured a $90 million loan from New York Community Bank to close the deal.
- The market marches on: This is the second sizable rent-stabilized transaction following the drastic changes to rent regulation laws this past summer. The portfolio also includes a few ground-floor retail units.
- Be Smart: Doug Eisenberg’s A&E Real Estate Holdings paid $129.5 million for a rent stabilized portfolio in Rego Park two months ago. The portfolio spans 568,276 square feet, and contains 539 apartments, plus 14 commercial units. It also featured 238,262 square feet of unused development rights. That deal traded at a 5 cap.