Artifact through the entity 320 West 135 Street LLC paid $13.6 million to Rafael Santandreu through the entity BOC St. Nicholas LLC for the 17-unit residential elevator building (D7) at 492 St Nicholas Avenue in Harlem, Manhattan.
The deal closed on May 18, 2023 and was recorded on June 1, 2023. The property has 17,981 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $753 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 Rafael Santandreu was Rafael Santandreu. The signatory for Artifact was Javier Martinez.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Artifact purchased five properties in two transactions for a total of $23.6 million and has no record it sold any properties over the past 24 months.
The seller Rafael Santandreu had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Rafael Santandreu, head officer. The business entity is Boc St. Nicholas Llc.
The residential elevator building with 17 residential units in Harlem has 17,981 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,399 square feet. 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 $2.9 million. The most recent loan totaled $7 million and was provided by Ponce Bank on May 25, 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 not received any significant violations in the last year.
For the tax lot building, it received its initial certificate of occupancy on January 20, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by BOC ST. NICHOLAS LLC to create 17 residential units and 2 commercial units in a building at 320 West 135th Street in Harlem, Manhattan, called One St. Nicholas Park Condominiumthat has a $17.8 million sellout, according to an November 6, 2019 submission to the New York State Attorney General. The principals of the sponsor, BOC ST. NICHOLAS LLC, were Maria Bazo, Pietro Calabretta, Alessandro Cimini, F-Lot Development Llc, Ignacio Andres Lamar Tablante, All Renovations Llc, Carlos Romero, Rafael Santandreu, and Elod Studio Llc.
On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 46,961 square feet of the 387,309 square feet. The two identified owners are Rafael Santandreu and Greater Harlem Housing Development.
The majority, or 90 percent of the 387,309 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.
The PincusCo database currently indicates that Rafael Santandreu owned at least one commercial property with 17 residential units in New York City with 17,020 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Ponce Bank. The portfolio consists of at least a single elevator property. It is located in Manhattan.
The PincusCo database currently indicates that Artifact owned at least nine commercial properties with 14 residential units in New York City with 78,313 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) The portfolio has $34.1 million in debt, with top three lenders as Genesis Capital, ConnectOne Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 53 percent of the 78,313 square feet of built space are industrial properties, with mixed-use properties next occupying 21 percent of the space. They are all located in Manhattan.
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