Harlem Fix & Flip – 64 W 132nd St, NYC (Feedback Welcome)

[Vaknin Ronen]

Hey BP community,

I’m looking for feedback on a deal I’m working on in Harlem: 64 W 132nd Street. This is a DOB-approved 6-story boutique condo development with 9 residential units totaling ~6,445 SF. Layout includes 3 studios, 3 one-bedrooms, and 3 two-bedrooms, all ADA adaptable, sprinklered, and energy-code compliant.

Key Deal Points (Fix & Flip exit):

• Purchase Price: $1.25M

• Rehab Budget (new construction): $3.0M

• Total Project Cost: ~$4.3M

• After Repair Value (ARV): ~$7.05M

• Projected Profit: ~$1.65M (before financing costs)

• ROI: ~33% immediate (~16% annualized)

Why I Like It:

• DOB approvals already in hand (July 2023 stamp).

• Harlem new-construction condo comps are trading in the $1,100–$1,200+ per SF range, which supports a ~$7M sell-out:

  • 58 W 131st St – $1,185/SF

  • 62 W 131st St – $1,150/SF

  • 74 W 131st St – $1,125/SF

  • Average across recent sales: ~$1,150/SF

• Exit strategy is straightforward → condo sell-out. (I ran the BRRR numbers too, but the cash flow didn't pencil out — the flip looks far stronger.)

My Ask:
For those who’ve done boutique condo flips or new-build sell-outs in NYC:

1. Do my ARV numbers (~$7.05M sell-out) look realistic given today's Harlem market?

2. Any pitfalls I should expect with marketing/selling a 9-unit condo building?

3. Financing-wise, what leverage structures have you seen work best for ground-up boutique condos in NYC?

Appreciate any insights from investors and lenders who’ve been in the trenches with NYC development.

Thanks in advance!