Harlem 538 Unit Property Sells for Over $85 Million
New York City development firm, Fairstead, has recently completed the sale of the Dunbar Apartments, a historic residential community situated in the heart of Harlem. The buyer, Isaac Herskovitz, acquired the 538-unit complex for a total of $86.75 million. Built in 1928, this extensive complex spans ten buildings, encompassing an entire city block with a private courtyard. Notably, the Dunbar Apartments are listed on the National Register of Historic Places.
Precisely located on West 149th and West 150th Streets, between 2802-2816 Frederick Douglass Boulevard/Macombs Place and Adam Clayton Powell Jr. Boulevard, the Dunbar Apartments offer a unique and distinguished setting.
The transaction involved a cap rate of 7.67%, amounting to $199 per square foot and a price of $161,546 per unit. MF1Capital played a role in facilitating the sale by providing an acquisition loan of $83 million.
The Dunbar Apartments, located in Harlem, New York City, are a historic residential complex with significant cultural and architectural importance. Designed by the prominent African American architect, Andrew J. Thomas, the building was constructed in 1926-1928 and named after the renowned African American poet, Paul Laurence Dunbar. The Dunbar Apartments were one of the first large-scale residential buildings in Harlem to cater specifically to African American tenants.
The building stands as a testament to the Harlem Renaissance, a cultural and intellectual movement that flourished in Harlem during the 1920s and 1930s. It provided a vital space for African American artists, writers, musicians, and intellectuals to live and interact, contributing to the vibrant cultural scene of the era. The Dunbar Apartments attracted many notable residents, including musicians such as Duke Ellington and Eubie Blake, as well as political figures like Adam Clayton Powell Jr.
The architectural style of the Dunbar Apartments reflects the influence of the Art Deco movement, characterized by its geometric shapes, decorative motifs, and use of ornamental detailing. The building features a distinctive terra cotta facade with intricate designs, showcasing the craftsmanship and attention to detail prevalent during that time.
Over the years, the Dunbar Apartments have undergone renovations and changes in ownership. The building remains a symbol of African American history and cultural significance in Harlem, representing a legacy of resilience, creativity, and community in the face of racial and social challenges.
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