Fulton Realty Capital advised a high-net-worth client on the acquisition of a 50-unit apartment building in Upper Manhattan, New York. The off-market, 27,000 SF property was sourced by Fulton's multifamily team, who also led all negotiations and financing activities.
The property features one and two-bedroom units. It is in close proximity to multiple subway stations.
A HUD 223(f) loan was secured to facilitate the transaction, and the entire property participates in the Section 8 Project Based Voucher (PBV) program. As a result, the property presents an attractive, de-risked cash flow with Federal support for rents. In addition, a long-term tax abatement is in place through 2058.
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