Aron Stark pays $6.8M to Nathan Obstfeld for 24-unit walkup in Harlem

Aron Stark through the entity 524 West 134th St LLC paid $6.8 million to Nathan Obstfeld through the entity 524 West 134th LLC for the 24-unit residential walkup building (C1) at 524 West 134th Street in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on October 31, 2024 and was recorded on November 19, 2024. The property has 15,370 square feet of built space and 2,098 square feet of additional air rights for a total buildable of 17,484 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $442 and the price per buildable square foot is $388 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 January 2, 2020, for $2.3 million. The signatory for Nathan Obstfeld was Nathan Obstfeld. The signatory for Aron Stark was Aron Stark. The contract date was October 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aron Stark purchased two properties in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Nathan Obstfeld 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 Nathan Obstfeld, head officer and Joseph Nebenzahl, agent. The business entity is 524 West 134th Llc.

The property

The residential walkup building with 24 residential units in Harlem has 15,370 square feet of built space and 2,098 square feet of additional air rights for a total buildable of 17,484 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 99 feet deep with a total lot size of 4,371 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million. The property has 15 rent regulated units according to city tax records from 2022.

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 $650 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 seven of the 18 commercial properties representing 198,832 square feet of the 427,558 square feet. The largest owner is Columbia University, followed by New York City Housing Authority and then City Skyline Realty.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 427,558 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Nathan Obstfeld owned at least one commercial property with 19 residential units in New York City with 13,040 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Aron Stark owned at least five commercial properties with 38 residential units in New York City with 10,125 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio has $9.9 million in debt, borrowed from Starwood Mortgage Capital. Within the portfolio, the bulk, or 100 percent of the 10,125 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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