AIDS Healthcare Foundation pays $8.5M for hotel in Harlem

AIDS Healthcare Foundation paid $8.5 million to Paul Baxter Lanius III through the entity Hamilton Heights Enterprise, LLC for the hotel building (HR) at 511 West 145th Street in Harlem, Manhattan.
The deal closed on October 25, 2022 and was recorded on October 28, 2022. The property has 12,880 square feet of built space and 1,099 square feet of additional air rights for a total buildable of 13,990 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $660 and the price per buildable square foot is $608 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 signatory for Hamilton Heights Enterprise, LLC was Paul Baxter Lanius III.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Andre Mongouge, head officer and Arlene James, site manager. The business entity is Hamilton Hghts Enterprise.

The property

The 511 West 145th Street parcel has frontage of 33 feet and is 99 feet deep with a total lot size of 3,331 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $837,000.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Harlem, the bulk, or 44 percent of the 79.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.5 times the average sales volume among other neighborhoods with $872.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Harlem has 3.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 25 commercial properties representing 105,915 square feet of the 345,410 square feet. The largest owner is Direct Property Management, followed by Joel Hammer and then Ravinder Annamaneni.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 345,410 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

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