New York, NY (PRWEB) March 8, 2005
Royal Field, LLC, a New York, City private equity company, purchased 363 & 367 Edgecombe Avenue, New York, NY for a combined $3,615,000 on Thursday, March 3, 2005. The two multi-family apartment buildings in the up-and-coming neighborhood of Harlem were purchased as a package from the same seller.
Each property contains twenty-three residential units. The properties total approximately 29,000 square feet and overlook the scenic Jackie Robinson Park. The buildings were also attractive because of their proximity to the express subway stop at 145th and St. Nicholas Avenue. The units are all dramatically below market rents. While the properties contained 7 vacant units at the time of purchase, this provides the opportunity to dramatically increase the rent rolls and the value of the buildings.
Christopher P. Bisgaard, Jr., president of Royal Field, remarked on the acquisition, ÂWe are very excited about the purchase of these two properties and believe that they have a tremendous upside potential. The neighborhood is improving dramatically, and a very wide gap exists between the current rents and market rents. Harlem is an area that is quickly becoming more attractive to New York City renters, and, as they look for value, Harlem is a great place Â if not the only place Â to go in Manhattan.Â He also commented on his companyÂs future plans, ÂWe continue to look actively for other opportunities in Harlem, because of our belief in the future of the neighborhood.Â
Royal Field is a private equity company founded in 2002. The purchase of these two properties represents Royal FieldÂs third acquisition in the Harlem area within the past two years. In 2003 it purchased a 16-unit apartment building on West 128th Street, and in 2004 it purchased two nearly contiguous 9-unit buildings on the corner of West 133rd Street and Seventh Avenue. Royal Field is actively searching for other properties in Harlem. Royal Field is committed to finding and developing projects that will provide outstanding returns to investors and market-leading value to tenants.
Royal Field, LLC
373 Broadway, Suite 420
New York, NY 10013
# # #