164 West 128 Street
2252 & 2258 Seventh Avenue
363 & 367 Edgecombe Ave.
542 West 147 Street
204 & 206 West 133 Street
The following are summaries of Royal Field's investments. The discussion of these transactions is not intended as, and should not be construed as investment advice or a recommendation to purchase or sell a particular security. |
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164 West 128 Street, New York, NY
Date Acquired: May 1, 2003
Purchase Price: $1,800,000
Status: Under Management
Royal Field led the purchase of this 16-unit apartment building located in the heart of Harlem. All of the units are subject to New York City's Rent Stabilization Law. Royal Field intends to convert the building into condominiums to maximize the potential return to investors. |
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164 West 128 Street, New York, NY
Date Acquired: May 1, 2003
Purchase Price: $1,800,000
Status: Under Management
Royal Field led the purchase of this 16-unit apartment building located in the heart of Harlem. All of the units are subject to New York City's Rent Stabilization Law. Royal Field intends to convert the building into condominiums to maximize the potential return to investors. |
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2252 & 2258 Seventh Avenue, NY, NY
Date Acquired: May 7, 2004
Purchase Price: $2,465,000
Status: Exited
These two properties each contain nine residential units and a ground-floor commercial space. Royal Field saw in these properties positive current cash flows and terrific upside, as all of the residential units are rent stabilized.
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363 & 367 Edgecombe Ave.
Date Acquired: March 11, 2005
Purchase Price: $3,675,000
Status: Exited
Each of these two five-story buildings have 23 residential units. The combined rent roll of buildings, which are subject to the City's Rent Stabilization and Rent Control Guidelines, was substantially below the potential rent roll, or what the gross rents received would have been absent the government regulation.
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542 West 147 Street, New York, NY
Date Acquired: February 8, 2006
Purchase Price: $1,947,000
Status: Under Management
This five-story buildings has 15 residential units. The building's rent roll, which is subject to the City's Rent Stabilization and Rent Control Guidelines, was substantially below the potential rent roll. Purchased with two apartments vacant and rent-controlled tenants. The building was purchased, in part, because it is located in an area that will improve as Columbia University continues to expand its campus northward.
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204 & 206 West 133 Street, New York, NY
Date Acquired: November 20, 2006
Purchase Price: $4,180,000
Status: Exited
The two buildings had a combined 44 rental units. The rent roll was far below the potential rent could be in a deregulated market. The buildings are in an area that is one of Harlem's nicest, and the proximity to the 2252 & 2258 Seventh Ave. properties were further motivating factors to purchase the properties.
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