Developer Plans To Convert Rent-Stabilized Harlem Buildings Into Condos

HARLEM, NY — A developer has filed plans with the state to turn two rent-stabilized buildings in Harlem into condominium buildings where apartments would cost more than $1 million.

Tahl Propp Equities filed the conversion plans for 1325 and 1330 Fifth Avenue, located between West 11th and 112th streets, with the State Attorney General's office, the Real Deal reported. The developer plans to build 150 condos spread out among the two buildings, according to the report.

Currently 1325 Fifth Avenue contains 71 rental apartments and 1330 contains 80 apartments, but the tenants in those units will not be legally obligated to move out should the plans be approved. The plans filed with the state were for a “non-eviction” conversion, which means the units must be vacated naturally, the Real Deal reported.

In August of 2016 Mayor Bill de Blasio teamed up with three private developers for a $135 million project to preserve more than 500 units of affordable housing in Harlem. Tahl Propp Equities was one of the three private developers included in the deal.

The deal calls for the renovation of five affordable housing complexes in Harlem: Gladys Hampton Houses on Frederick Douglas Boulevard, New West I and II on West 111th Street and Riverside I and II on West 135th Street. The total cost of the development deal is estimated at $135,133,374, according to the city Department of Housing Preservation and Development.

Read the full Real Deal article here.

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