Artifact, Ashok Khubani pay $9M to GF Capital for specialty in Harlem
116 Edgecombe Avenue (Credit - Google)
Artifact and Ashok Khubani through the entity Ask Florida IV LLC paid $9 million to GF Capital Management & Advisors’s 116 Edgecombe, LLC for the church building (M1) at 116 Edgecombe Avenue in Harlem, Manhattan.
The deal closed on September 13, 2022 and was recorded on September 19, 2022. The property has 5,015 square feet of built space and 14,305 square feet of additional air rights for a total buildable of 19,298 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,794 and the price per buildable square foot is $466 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 August 30, 2017, for $7.5 million.
The property
The 116 Edgecombe Avenue parcel has frontage of 66 feet and is 85 feet deep with a total lot size of 5,610 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $933,000.
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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 $5 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 $840 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Harlem has 3.1 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3 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. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 131,669 square feet of the 131,669 square feet. The largest owner is City of New York, followed by Juanita Clayton and then Yehuda Cohen.
There are no active new building construction projects on this tax block.
The majority, or 95 percent of the 131,669 square feet of built space are specialty buildings, with walkup buildings next occupying 5 percent of the space.
Surrounding
Within a 400-foot radius of 116 Edgecombe Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which ICER Properties borrowed $21 million from Walker & Dunlop secured by the 9,470-square-foot, 10-unit rental (C4) on 129 Edgecombe Avenue and eight other properties on June 15, 2021.
Direct link to Acris document. link