U.S. real estate investment manager Harlen Housing Associates has divested Central Harlem housing, a two-building affordable housing portfolio in Central Harlem, for $75.5 million.
Harlen Housing Associates sold the two buildings, which are located at 560 Lenox Ave. and 50 W. 139th St., to U.S. real estate investment and development firm Fairstead Affordable.
Fairstead Affordable has committed to preserving 100 percent of the portfolio’s 214 units as deeply affordable for the next 40 years.
More so, the firm intends to significantly renovate the Harlen portfolio, lower its energy consumption and enhance its overall sustainability.