Photo: Massey Knakal Realty Services
An in-progress Harlem condo project at 369 West 126th Street has been sold for $3.4 million.
Located between Morningside and St. Nicholas avenues, the five-story, 11-unit elevator building is about 80 percent complete, according to Massey Knakal, which handled the sale. It was purchased in an all-cash transaction, and the sale price equates to approximately $396 per square foot.
The development contains about 8,593 square feet and sits on a 25′ by 100′ lot. The property can serve as either a condo building or rental asset. When completed, it will have five studios, two one-bedrooms and four two-bedroom apartments, including a penthouse with two balconies and exclusive rooftop access.
The property came with a 15-year 421a tax abatement. It will require roughly $250,000 to complete, according to the listing, which originally asked $4.4 million for the building.
David Shavolian, partnering with Crosby Capital, enlisted Massey Knakal to sell the project.
“After marketing the property for several months, we had multiple offers and we were able to secure a local buyer who intends on completing the construction of the building,” said Massey Knakal’s Lev Kimyagarov, who handled the deal with Josh Lipton.
“With condominium sell-out values in Harlem exceeding $700 per square foot in certain locations, this acquisition represents a terrific investment opportunity for the purchaser,” Lipton said in a statement.