NEW YORK CITY — Eastern Consolidated has arranged the sale of 15-17 West 116th Street, a mixed-used property in Central Harlem. Malcolm Shabazz Court LLC sold the property to 15 West 116 LLC for $13.8 million in an off-market transaction. Constructed in 2005, the nine-story building features 38 apartment units and ground-floor retail space. The property is under a 20-year 421A tax abatement program with 12 years remaining, which does not prohibit the owner from acquiring new financing from any institutional lender. The transaction was subject to the purchaser being approved by two city agencies (The NYC Department of Housing Preservation and Development and Housing Development Corp.), along with the assumption of subsidized financing. Peter Carillo and Andrew Sasson of Eastern Consolidated represented the seller; Carillo also procured the buyer in the transaction. Gregory Reid of Reid Rodriguez & Rouse provided legal counsel for the seller, while Ira Nesenoff of Nesenoff & Miltemberg was the attorney for the buyer.
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