Anonymous buyer pays $8.7M for 47-unit elevator building in Harlem

An unknown buyer through the entity 715 RIV MC LLC paid $8.7 million to Martin Levine and David Levine through the entity 715 Riverside Drive L.L.C. for the 47-unit residential elevator building (D1) at 715 Riverside Drive in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on August 15, 2024 and was recorded on August 22, 2024. The property has 65,050 square feet of built space and 24,788 square feet of additional air rights for a total buildable of 89,896 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $132 and the price per buildable square foot is $96 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 Martin Levine and David Levine was Martin Levine. The signatory for 715 Riv Mc LLC was an attorney, Craig Mitnick. The contract date was August 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Levine had not purchased any other properties and sold one property in one transaction for a total of $5.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Martin Levine, head officer and David Levine, officer. The business entities are Hudson View Associates Inc and 715 Riverside Drive Llc.

The property

The residential elevator building with 47 residential units in Harlem has 65,050 square feet of built space and 24,788 square feet of additional air rights for a total buildable of 89,896 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 148 feet deep with a total lot size of 14,933 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received eight housing violations, $150 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 this tax block, PincusCo has identified the owners of two of the five commercial properties representing 60,602 square feet of the 216,843 square feet. The two identified owners are Robert Rosenberg and Neighborhood Restore.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that David Levine owned at least two commercial properties with two residential units in New York City with 51,640 square feet and a city-determined market value of $22.9 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 92 percent of the 51,640 square feet of built space are retail properties, with B1 properties next occupying 8 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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