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Royal Field, LLC Purchases Two Mixed-Use Buildings in Harlem
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Added: 05/14/2004
Type: Summary
Viewed: 693 time(s)
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Royal Field, LLC Purchases Two Mixed-Use Buildings in Harlem
Royal Field, LLC, a New York, City real estate development company, purchased 2252 & 2258 Adam Clayton Powell, Jr. Blvd., New York, NY for a combined $2,465,000 on Friday, May 7, 2004. The two mixed-use buildings in the up-and-coming neighborhood of Harlem were purchased as a package from the same seller.
Each property contains nine residential units and one ground-floor commercial space. The properties total approximately 24,000 square feet. The residential units (9 3-bedrooms, 8 2-bedrooms, and 1 studio) are all dramatically below market rents. The properties, completely renovated in 1993, are under the City’s J-51 tax program and are exempt from real estate taxes for more than a decade. The properties contain 2 vacant residential units, which provide the opportunity to dramatically increase the rent rolls. The commercial tenants are paying roughly $22.50 psf.
Christopher P. Bisgaard, Jr., founder and president of Royal Field, remarked on the acquisition, “We are very excited about the purchase of these two properties and believe that they have a tremendous upside potential. The neighborhood is improving dramatically, and a very wide gap exists between the current rents and market rents. Harlem is an area that is quickly becoming more attractive to New York City renters, and, as they look for value, Harlem is a great place – if not the only place – to go in Manhattan.” He also commented on his company’s future plans, “We continue to look actively for other opportunities in Harlem, because of our belief in the future of the neighborhood.”
Royal Field is a real estate development company founded in 2002. The purchase of these two properties represents Royal Field’s second acquisition in the Harlem area within the past year. In 2003 it purchased a 16-unit apartment building at 164 West 128 Street, and Royal Field is actively searching for other properties in Harlem. Royal Field is committed to finding and developing projects that will provide outstanding returns to investors and market-leading value to tenants.
PRESS CONTACTS:
Whitney Klomp
wklomp@royalfield.com
Royal Field, LLC
25 Broad Street, Suite 20R
New York, NY 10004
www.royalfield.com
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