PH Realty Picks Up 12 Multifamily Properties From Haruvis Amid Family Squabbles
The Haruvi family has parted ways with 12 multifamily properties following protracted family disputes and a looming divorce that threatened to bring the infighting to a head.
PH Realty Capital paid $139M to the family for more than 200 units on the Upper West Side and Midtown East, The Real Deal reports. The units span a dozen properties and were purchased with a $160M loan for the acquisition, and $23M for renovations.
PH Realty’s Peter Hungerford told the publication most of the money will be used for bathroom improvements and work to remove building violations. All are occupied, except 54 West 75th St., which was damaged by a fire at the property two years ago.
The sale comes as the Haruvis deal with multiple intrafamily disputes.
One of the Haruvi brothers, Abraham Haruvi, was charged with misdemeanor battery in January after his wife, Gina Stephenson, told police in December he hit and scratched her during an argument. Stephenson hired divorce attorney Joel Weissman, who told the New York Post at the time the marriage was “not salvageable” and that divorce was the only option. Last week, the 67-year-old was found not guilty, according to the Daily Mail.
Abraham Haruvi, with his brother Arthur, previously controlled about 500 apartments in 30 buildings. The brothers have a long-running dispute over the future of their assets, and each has accused the other of stealing from the business, battling it out in court on several occasions.
A year ago, Arthur Harvui accused Abraham of refusing to agree to a refinancing deal to push the properties into foreclosure, PincusCo reported. About 35% of the portfolio is rent-stabilized, per the New York Post, and the business was hit hard by renters’ widespread departure from the city during the worst of the pandemic, with occupancy dropping to 40%.
