Al Sharpton’s nonprofit signs $5M loan with SL Green for HQ in Harlem

Al Sharpton’s National Action Network through the entity National Action Network, Inc. as borrower signed an acquisition loan with lender SL Green Realty through the entity SLG Funding REIT LLC valued at $5 million for two properties including the specialty building (P9) at 6 Hancock Place in Harlem, Manhattan and the adjacent lot (V1) at 4 Hancock Place, which is the nonprofit’s new headquarters.
The deal closed on April 7, 2026 and was recorded on April 13, 2026. The two properties have 10,490 square feet of built space and 20,455 square feet of additional air rights for a total buildable of 30,936 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $476 and the price per buildable square foot is $161 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 National Action Network was Reverend Al Sharpton.

Al Sharpton’s National Action Network bought the two parcels for $6 million on the same day, which is the nonprofit’s new headquarters.

The property

The specialty building in Harlem has 10,490 square feet of built space and 20,455 square feet of additional air rights for a total buildable of 30,936 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 93 feet deep with a total lot size of 2,088 square feet. The lot is irregular. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $600 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 $1 million on this tax lot.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 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 $819.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Harlem has 2.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 6 Hancock Place, PincusCo has identified the owners of seven of the 15 commercial properties representing 253,360 square feet of the 280,152 square feet. The largest owner is West Harlem Group Assistance, followed by Miklos A. Vasarhelyi and then Phipps Houses.
On the tax block, there was one new building construction project filed totaling 47,011 square feet. It is a 23-unit, 47,011 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed August 26, 2014 and permitted January 24, 2017.

The majority, or 81 percent of the 280,152 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

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