242–246 Bradhurst Avenue — Harlem, New York, USA
Multifamily Investment | 72 Apartments
Shane Barbanel’s Role: Partner & Property Operator

Turning an investment strategy into results requires hands-on execution. In this project, Shane’s role was to identify opportunities, coordinate improvements and carry out the work needed to help unlock the properties’ potential.

The investment comprised two residential buildings: a 35-apartment, five-storey building at 242 Bradhurst Avenue and a 37-apartment elevator building at 246 Bradhurst Avenue. The partnership acquired the portfolio for US$4,125,000 in November 2005 and sold it for US$7,500,000 in August 2007.

Our strategy recognised the neighbourhood’s changing residential market and focused on improving both the apartments and the buildings’ underlying infrastructure.

Shane’s contribution included:

• Identifying apartment renovation opportunities to improve accommodation quality and increase rental income.

• Assessing major capital improvement opportunities that could support permitted rent increases under the regulations applicable at the time.

• Coordinating the delivery of the investment strategy, translating identified opportunities into practical projects and overseeing their execution.

The capital improvement opportunities included building-wide electrical rewiring, elevator refurbishment, brick repointing, roofing, windows, waterproofing and boiler upgrades.

The portfolio’s sale price was US$3,375,000 above its acquisition price, before renovation expenditure, financing, transaction costs and other expenses.

This project demonstrates the experience Shane brings to Tasbourne Properties: understanding an asset’s potential, organising the work and driving the execution that helps create value for investment partners.