Victor Sismanoglou acquires interest from Lemor Development valued at $12.6M for four properties in Harlem

UPDATED: Victor Sismanoglou of Vima Property Group through the entity 140th Street Realty LLC acquired an interest from Lemor Development Group through the entity Fs 140th LLC valued at $12.6M for 51-unit property at 2394 Adam C Powell Boulevard, 18-unit property at 224 West 140th Street, the 18-unit 226 West 140th Street and 18-unit property at 228 West 140th Street in Harlem, Manhattan.
The deal closed on April 4, 2024 and was recorded on April 12, 2024. The four properties have 109,157 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $115 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.)

This is an entity level acquisition. Morrison’s father Leroy Morrison purchased the properties from NYC Housing Preservation and Development in 1999.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2394 Adam C Powell Blvd.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Kenneth Morrison, head officer and Dawn Patterson, officer. The business entity is Fs 140th Street HDFC. The four properties with a total of 109,157 square feet of built space generated revenue of $1.5 million per year or $14 per square foot. The sale price per square foot was $116.

The property

The parcel has a total lot size of 63,281 square feet. The city-designated market value for the property in 2022 is $3 million.
The parcel has a total lot size of 15,292 square feet. The city-designated market value for the property in 2022 is $963,000.
The parcel has a total lot size of 15,292 square feet. The city-designated market value for the property in 2022 is $858,000.

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 two DOB violations, 62 housing violations, $7,400 in OATH penalties, and one housing litigation 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 block

On the tax block of 2394 Adam C Powell Blvd, PincusCo has identified the owners of nine of the 26 commercial properties representing 116,041 square feet of the 379,992 square feet. The largest owner is James H. Hames Jr., followed by K9-Executive Security Protection and then Michael Callaghan.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 379,992 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

Correction: An earlier version of this post incorrectly identified the buyer as Alexander Sismanoglou. The buyer is Victor Sismanoglou.

Direct link to Acris document. link