AFC Realty will renovate the five-story building located at 2056 5th Avenue into a collection of 22 condominium residences with 1,800 square-feet of first-floor retail space, according to Oskar Brecher, President of AFC Development Group, a wholly-owned subsidiary of AFC Realty Capital, a Manhattan-based real estate investment banking firm.
“Escalating home prices in mid and downtown Manhattan have forced homebuyers to search points north and west to find more reasonably-priced housing opportunities,” Mr. Brecher says. “And many are finding Harlem the perfect choice.”
“This growing trend has enabled the area to undergo an exciting transition as more and more residential developers recognize Harlem as a financially compelling proposition and increasingly introduce new multi-family offerings. We’re certainly pleased to a part of this much-heralded housing renewal with 2056 Fifth Avenue.”
2056 Fifth Avenue will be situated within blocks of several major redevelopment initiatives planned for this upper Manhattan neighborhood. Located within an established residential setting, the beautifully-detailed 19th century Beaux Arts structure has access to major transportation outlets into mid and lower Manhattan.
Built in the 1920s, the storied building was originally home to the Finnish Community Center and has had a diverse array of uses throughout its history -- most recently housing the Gospel Temple Church.
Initial construction activity is expected to commence shortly with the conversion scheduled to be completed in nine-to-twelve months, Mr. Brecher points out.
AFC Realty Capital was also responsible for arranging debt and equity financing which provided the required capital to complete the renovation.
Evidence of Harlem’s rapid emergence into a popular residential destination can be seen throughout the neighborhood. New projects currently underway or planned include a Marriott Hotel at 125th and Park Avenue which will also feature office and retail space, East River Plaza, a new 475,000 square-foot retail facility and La Marqueta, a fresh fish and produce market to be developed along Park Ave.
AFC Development Group was formed in 2004 to facilitate AFC Realty Capital’s increased involvement with principal activities.
AFC Realty Capital is a premier boutique real estate investment banking firm specializing in debt and equity financing, investment, development, and consulting/advisory services. The firm has been instrumental, in both a principal and advisory position, for financing, investment and development transactions aggregating in excess of $3 billion.
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