MRG Expands Portfolio with West 135th Street Apartments

Metropolitan Realty Group (MRG) is thrilled to announce the acquisition of West 135th Street Apartments in Harlem, NYC—a significant addition to our portfolio. The acquisition was completed in collaboration with SVN Advisors (serving as the selling broker) and financed by Greystone, with further partnership support from CLK Properties.

About West 135th Street Apartments

West 135th Street Apartments is a 198-unit multifamily property with a Project-Based Section 8 Housing Assistance Payment (HAP) Contract covering 99% of the units. This ensures affordability for residents, as HUD sets rents based on market levels, with tenants paying only 30% of their gross income. The current HAP contract, originally set to expire in May 2039, has been extended through MRG’s acquisition to a new expiration date of May 2044, guaranteeing continued affordability for the next two decades.

Built in 1910, West 135th Street Apartments has a storied past and has benefited from numerous renovations over the years. Now, MRG is excited to begin a new phase of renovations, investing between $8-9 million to upgrade the property extensively. Planned improvements include brand-new kitchens and bathrooms, a refreshed entryway, enhanced security with new camera installations, as well as a material upgrade for the elevators, with marble finishes to enhance the aesthetic appeal of the property.

Key Amenities and Connectivity

Residents of West 135th Street Apartments enjoy unparalleled access to public transportation, with the 135th Street subway station just a block away, providing easy connectivity to the rest of New York City. The property is situated near a variety of cultural landmarks, retail options, and parks, making it a prime location that fosters a vibrant and inclusive community atmosphere.

Why This Acquisition Matters

Harlem, renowned for its rich cultural heritage and ongoing growth, continues to experience a high demand for affordable housing. Acquiring West 135th Street Apartments aligns perfectly with MRG's strategy to expand our presence in thriving urban markets. We are committed to enhancing the living experience for our residents and maintaining the high standards they expect from Metropolitan Realty Group.

This acquisition underscores our dedication to providing quality, affordable housing options in rapidly-growing urban areas. As we embark on this journey, we are excited to improve the lives of our residents and contribute positively to the West 135th Street Apartments community.