Berko & Associates neg. the sale of a 3rd Avenue Mixed Use Building

Angel Ramos and Steve Geller both senior associates of Berko & Associates represented the buyer and the seller in the sale of 2194 3rd Avenue in the East Harlem section of New York City between 118th Street and 119th Streets. The seller, who bought the building in the early 80s delivered the property nearly vacant and in a dire need of renovations. The all-cash of $1.8 million transaction was negotiated and closed within one week. “The asset is located in a prime section of East Harlem that is undergoing major transformation”, said Ramos who represented the seller, “Hunter College has built a grand new campus and student housing facility down the block and the adjacent building is Moss Development’s luxury rental that commence rents never before seen in this part of Town”. Steve Geller who represented the buyer agrees with Ramos and said, “fifteen and twenty ago, when we were marketing Harlem investment properties the area was rough and investors needed real vision and for the most part staying power to acquire and maintain buildings uptown. Today with the transformational change Harlem and other Northern Manhattan neighborhoods’ have seen its just obvious to me that these are the areas to invest