Successful Sale of 2085 Fifth Avenue in Harlem, Manhattan
Bob Knakal successfully arranged the sale of 2085 Fifth Avenue, a pre-war walk-up building situated in Harlem’s Mount Morris Park Historic District. Located in the heart of Northern Manhattan, the six-unit property traded for $1,075,000. This charming, low-rise residential asset stood out for its historic character, value-add potential, and location just steps from Marcus Garvey Park.
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Sale Details
This off-market transaction closed on September 7, 2012, for a final sale price of $1,075,000, equating to $220.78 per square foot based on the 4,869 buildable square feet.
The buyer, Nitsan Ben-Horin, acquired the asset from Bill Shilady of the United Methodist City Society, a non-profit organization.
Highlights of the Transaction:
- Sale Price: $1,075,000
- Price per SF: $220.78
- Buyer: Nitsan Ben-Horin
- Seller: United Methodist City Society
- Property Type: Walk-Up Multifamily
- Units: 6
- Date Closed: September 7, 2012
Property Details
Located at 2085 Fifth Avenue, between East 128th and East 129th Streets, this property sits in the Mount Morris Park Historic District, a highly sought-after residential enclave within Harlem. The surrounding area offers a unique mix of preserved brownstone blocks and a vibrant cultural community.
Full Address: 2085 Fifth Avenue, New York, NY 10035
Submarket: Mount Morris Park Historic District, Harlem
Zoning: R7-2 (Residential zoning with flexibility for low-rise multifamily development)
Key Investment Highlights:
- Building Size: 4,869 square feet across six residential units
- Lot Size: [Not disclosed]
- Stories: [Not disclosed, typical of walk-up structures in the area is 3–5 stories]
- Historic Appeal: Located within a landmarked district, retaining original architectural elements
- Long-Term Upside: Stable rental asset with potential for renovations and increased rents
Market Strategy and Positioning
The sale of 2085 Fifth Avenue aligns with ongoing interest in Harlem’s walk-up multifamily assets, particularly those with historic distinction and below-market pricing. With its strategic location near transit and cultural institutions, this property offered a strong investment for a buyer seeking long-term value and potential appreciation.
In 2012, the Harlem multifamily market saw a resurgence as both local and out-of-town investors targeted well-located assets in transitional neighborhoods. At a price under $225 per square foot, the buyer secured a significant discount compared to more developed Manhattan submarkets.
Neighborhood Overview: Harlem’s Mount Morris Park Historic District
Harlem, and particularly the Mount Morris Park Historic District, has long been a destination for culture, music, and architecture. This area blends historic brownstone charm with emerging development, attracting both renters and investors alike.
Neighborhood Highlights:
- Marcus Garvey Park: Just a block away, offering green space and a summer amphitheater
- Historic Architecture: Streets lined with 19th-century townhouses and landmarked buildings
- Convenient Transit: Near the 2/3 subway lines at 125th Street and Metro-North at Harlem–125th
- Cultural Institutions: Close to the Studio Museum in Harlem and the National Jazz Museum
- Community Amenities: An array of cafes, restaurants, and boutiques within walking distance
- Ongoing Development: Continued public and private investment throughout Northern Manhattan
Conclusion
The sale of 2085 Fifth Avenue showcases the enduring appeal of Harlem’s walk-up building stock and the strength of demand for assets in landmarked neighborhoods. With its classic façade, central location, and repositioning potential, this six-unit property represented a compelling acquisition.
Bob Knakal’s long-standing experience in the Manhattan investment sales market was instrumental in securing the best outcome for the seller, a non-profit organization with deep roots in the community.
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Frequently Asked Questions
Q1: What is the historical significance of 2085 Fifth Avenue?
2085 Fifth Avenue is located in the Mount Morris Park Historic District, one of Harlem's earliest landmarked areas. The building retains architectural charm consistent with the district’s pre-war brownstone and low-rise aesthetic.
Q2: How many units are in the building and what type are they?
The property contains six residential units, typical of Harlem walk-up buildings. The configuration and layout may offer potential for light renovations or conversion depending on zoning allowances.
Q3: What are the nearby transit options for tenants?
Residents enjoy excellent connectivity with the 2/3 subway lines just a few blocks away at 125th Street, along with Metro-North service for regional access—making it a highly convenient location for commuters.
