Project:
Auction purchase turns to luxury apartments.

Client:
The Madison Avenue Group LLC (10 investors)

Location:
Madison Avenue and 127th St. - New York, NY

Investment Period:
April 2004-July 2007

In March 2004, Harlem Lofts, Inc. helped two investors enter into a Referees Contract at The New York Supreme Court to purchase 1989 Madison Avenue. Within 20 days, Harlem Lofts assisted the investors in creating The Madison Avenue Group LLC (MAGLLC), adding eight additional members. MAGLLC then consisted of ten novice investors who wanted to enter the New York real estate market. With nine of the ten members living outside of New York, it was imperative that they have a knowledgeable Harlem-based company represent them in the final purchase and conversion of this property.

The group closed on the property in April and started construction in May. 1989 Madison Avenue had been used as a crack house in the 1980's/90's and was boarded up after being involved in the 2000 HUD scandal that gained national attention. Harlem Lofts, Inc.'s Broker Division was able to secure the property at a city auction for its investors after following it through proceedings for three years. MAGLLC immediately retained Harlem Lofts, Inc.'s Construction Division to renovate the former Single Room Occupancy building into a legal four-family rental dwelling with a new Certificate of Occupancy. Harlem Lofts renovated and managed the property as a rental until the time was right to sell.

In June, 2007, the property was listed with Harlem Lofts, Inc. Co-broking through its membership with The Real Estate Board of New York, Harlem Lofts was able to enter into a contract in just five weeks. The positive Return on Investment for MAGLLC members enabled many of them to form other investment groups which are currently working with Harlem Lofts, Inc. on additional projects.