After years of hardship and legal debate, the Harvi family sold off a major part of Manhattan’s apartment empire.
Landlord Peter Hungerford’s PH Real Estate Capital has paid $ 139 million in May for about half of the family’s portfolio, records show. A dozen properties with more than 200 units are concentrated primarily on the Upper West Side, with two buildings on First Avenue in Midtown East.
PH Capital secured a $ 160 million loan to acquire and refinance the building from Rialto Capital and made nearly $ 23 million in repairs. 54 One of the buildings on West75th Street Fire damage According to Hangerford, it will be the only vacant property to be included in the transaction in 2020.
“We are primarily installing new toilets and other things to get rid of building breaches,” he said.
The sale follows the long-standing turmoil of the Harvi family, including a proceeding between Brother Abe, Brother Arthur Harvi and Mr Abe. Possibility of divorce From his wife, Jobana Stephenson.Abe Harvi Not guilty reportedly Last week, he was arrested on suspicion of misdemeanor after being arrested in December on charges of domestic violence in a estate in South Florida.
According to court documents, Prime Minister Abe owned 50% of Jacreg Realty and Simry Realty, who sold the property to PH Realty in May, and the other half, including Arthur, owned the other half.
According to Hangerman, the entire Harvi portfolio of about 500 apartments is valued at $ 264 million, but the impasse of ownership has been a legal joust over real estate financial problems since the outbreak of the pandemic. Triggered a match.
Due to a significant drop in occupancy across the portfolio The brothers were in conflict Court filings show how Arthur accuses Abe of refinancing his property Skimming profit From the ownership entity.
Abe, who refused to comment on this story, has kept it relatively unobtrusive since the proceedings with Stevenson. Their maid on suspicion of abuse More than 10 years ago.A few years earlier, Prime Minister Abe argued over his attempt to expel him. Rent control tenant From his Manhattan building, and was Meet the protest in 2012 For using similar tactics in East Village apartments.