Abdoo Saleh Yahya pays $3.6M to Ilan Cohen for mixed-use in East Harlem

Abdoo Saleh Yahya through the entity 2034 Third Realty LLC paid $3.6 million to Ilan Cohen through the entity 2034 Third Avenue LLC for four-unit mixed-use building (S4) at 2034 3rd Avenue in East Harlem, Manhattan.
The deal closed on July 20, 2022 and was recorded on August 1, 2022. The property has 3,300 square feet of built space and 5,750 square feet of additional air rights for a total buildable of 9,046 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,090 and the price per buildable square foot is $397 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on July 26, 2018, for $2 million. The signatory for Ilan Cohen was Ilan Cohen. The signatory for Abdoo Saleh Yahya was Abdoo Saleh Yahya.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abdoo Saleh Yahya had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ilan Cohen had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Cohen, head officer and George Carrasco, agent. The business entity is 2034 Third Avenue Llc.

The property

The 2034 3rd Avenue parcel has frontage of 24 feet and is 48 feet deep with a total lot size of 1,203 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $735,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $80 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In East Harlem, the majority, or 51 percent of the 51.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.8 times the average sales volume among other neighborhoods with $602.2 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, East Harlem has 4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Manhattan. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 236,537 square feet of the 343,289 square feet. The largest owner is City of New York, followed by Golani Development Group and then Yosi Cohen. There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 343,289 square feet of built space are specialty buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Ilan Cohen owned at least eight commercial properties in New York City with 31,390 square feet and a city-determined market value of $17.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 50 percent of the 31,390 square feet of built space are C0 properties, with retail properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

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