Artifact pays $1.6M for 6-unit walkup in Harlem, 3rd purchase of month

Artifact through the entity Artifact Stays I, LLC paid $1.6 million to Xiaoqian Qiu and Peiling Wu through the entity Little Star Realty LLC for the six-unit residential walkup building (C2) at 467 West 147th Street in Harlem, Manhattan. The expected use is cash flowing. This is Artifact’s third purchase in May, according to PincusCo records.
The deal closed on May 27, 2025 and was recorded on June 4, 2025. The property has 2,580 square feet of built space and 3,034 square feet of additional air rights for a total buildable of 5,619 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $620 and the price per buildable square foot is $284 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 September 21, 2022, for $1.1 million. The signatory for Xiaoqian Qiu and Peiling Wu was Xiaoqian Qiu and Peiling Wu. The signatory for Artifact was Javier Martinez . The contract date was December 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Artifact purchased three properties in three transactions for a total of $5.2 million and has no record it sold any properties over the past 24 months.
The seller Xiaoqian Qiu 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 Xiaoqian Qiu, head officer and Pei Lin Wu, lessee. The business entity is Little Star Realty Llc.

The property

The residential walkup building with 6 residential units in Harlem has 2,580 square feet of built space and 3,034 square feet of additional air rights for a total buildable of 5,619 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 99 feet deep with a total lot size of 1,873 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $478,800.

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 one DOB violation and $10,570 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 block

On this tax block, PincusCo has identified the owners of eight of the 22 commercial properties representing 104,864 square feet of the 225,965 square feet. The largest owner is Pinnacle Group, followed by Kelvin Lamont Phillips and then Elmo Realty.
On the tax block, there was one new building construction project filed totaling 4,986 square feet. It is a one-unit, 4,986 square-foot 54 building submitted by Moujan Vahdat and filed by Moujan Vahdat with plans filed March 21, 2023 and permitted July 23, 2024.

The majority, or 64 percent of the 225,965 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Artifact owned at least 16 commercial properties with 66 residential units in New York City with 119,784 square feet and a city-determined market value of $22.9 million. (Market value is typically about 50% of actual value.) The portfolio has $49 million in debt, with top three lenders as Genesis Capital, Connectone Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 35 percent of the 119,784 square feet of built space are industrial properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Manhattan.

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