A pair of rent-stabilized buildings in Harlem, just a block away from Central Park, are set to be converted to condo buildings, The Real Deal has learned. Tahl Propp Equities filed an offering plan with the New York State Attorney General’s office this week that reveals the developer’s plan to convert the two buildings they own at 1325 and 1330 Fifth Avenue.
The building at 1325 Fifth Avenue is currently home to 71 apartments, and the one at 1330 has 80. Since Tahl Propp wants to offer 150 condos, it is unlikely that there will too much of reconfiguring at the sites.
Based on the $159 million offering plan, the apartments here would average just over a $1 million. Currently the median sales price on all properties in Harlem is at about $904,000, according to Trulia.
At their Fifth Avenue development, Tahl Propp will not be booting out any of the rent stabilized tenants, and will only start converting units once tenants move out on their own accord. Furthermore, tenants who choose not to buy in the condo, will also not be forced to move out, according to TRD. The developer has yet to file construction plans with the city’s Department of Buildings.
Tahl Propp is one of Harlem’s most prolific developers. In November last year, the city approved a 400-unit, fully-affordable project in East Harlem being co-developed by Tahl and L+M Development. Last summer the city also signed off on a $135 million deal to renovate 500 affordable apartments owned by Tahl Propp.