In a significant boost to Harlem’s real estate market, two multifamily properties have secured substantial refinancing through Greystone, a leading national commercial real estate finance company.
The deal, totaling $21.5 million, demonstrates continued investor confidence in the neighborhood’s housing sector.
The Properties
The refinancing package covers two midrise apartment buildings in the heart of Harlem. The Duke, located at 521 W. 134th Street, received $11.4 million in financing for its 28 units. Meanwhile, The Count, situated at 168 W. 136th Street, secured $10.1 million for its 27 units.
Financing Details
Greystone’s Avi Kozlowski, a Managing Director, orchestrated the financing on behalf of Josef Goodman from Haussman Development.
The loans feature non-recourse, fixed-rate terms with a five-year duration and a 30-year amortization schedule, including interest-only payments for the first two years.
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Local Impact
This refinancing deal signals ongoing investment in Harlem’s housing stock, potentially leading to improved living conditions for residents and sustained property values in the area. It also highlights the neighborhood’s attractiveness to real estate investors and financial institutions.
Josef Goodman, the borrower’s principal, praised Greystone’s expertise, stating, “No one is more knowledgeable about multifamily finance than Greystone – they have set the bar high when it comes to industry knowledge, product depth, and of course, service.”
Looking Ahead
As Harlem continues to evolve, deals like this one play a crucial role in shaping the neighborhood’s future, balancing development with community needs.
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