Daily Beat | January 31, 2020
By Joe M Richter
GFI Realty Services has been retained to sell a retail and residential condo package at 1890 Adam Clayton Powell Jr. Boulevard. The prewar six-story elevator mixed-use building is located in Harlem.
- Dig Deeper: The offering is comprised of eight sponsored residential units, including a vacant fully renovated unit, totaling 12,216 square-feet and four retail units including a community facility totaling 6,075 rentable square-feet.
- Worth Noting: GFI Senior Managing Director, Matthew Sparks, will oversee the marketing of both packages which can be sold separately.
- Heard on the Street: Matthew Sparks: “This offering presents an investor with tremendous value either from the sale of units upon vacancy at a 65% premium to purchase price or renting the units at market and creating tremendous cash flow. In addition, the asset is located in a prime area where there continues to be growth in the condo market, both new construction and conversions.”