Artifact pays $3.375M for two Harlem walkups

Javier Martinez’s Artifact paid $3.375 million for two Harlem buildings at 634 West 147th Street and 546 West 148th Street in two transactions with two sellers. The buildings are about two blocks from one another.

In the first, Artifact through the entity Artifact Stays I, LLC paid $2 million to Laurence R. Fox through the entity Riverside Tandy LLC for the three-unit building (C0) at 634 West 147th Street in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on May 27, 2025 and was recorded on June 3, 2025. The property has 2,970 square feet of built space and 4,085 square feet of additional air rights for a total buildable of 7,044 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $673 and the price per buildable square foot is $283 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 March 21, 2019, for $2.4 million. The signatory for Laurence R. Fox was Laurence R. Fox. The signatory for Artifact was Javier Martinez . The contract date was November 5, 2024.

Artifact through the entity Artifact Stays I, LLC paid $1.375 million to Steven Robert Triebes through the entity El Serrat Growth Fund LLC for the six-unit residential walkup building (C2) at 546 West 148th Street in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on May 27, 2025 and was recorded on June 3, 2025. The property has 2,646 square feet of built space and 2,347 square feet of additional air rights for a total buildable of 4,995 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $519 and the price per buildable square foot is $275 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 October 27, 2023, for $417,500. The signatory for Steven Robert Triebes was Steven Robert Triebes. The signatory for Artifact was Javier Martinez . The contract date was December 10, 2024.

To finance the purchase and renovation of the properties, Artifact borrowed $5.89 million from California-based Genesis Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Artifact purchased one property in one transaction for a total of $1.8 million and has no record it sold any properties over the past 24 months.
The seller Laurence R. Fox had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Harlem has 2,970 square feet of built space and 4,085 square feet of additional air rights for a total buildable of 7,044 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 99 feet deep with a total lot size of 2,348 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 $2 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 $6,250 in ECB penalties and $9,090 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 one of the five commercial properties representing 2,964 square feet of the 97,031 square feet. The identified owner is Jose Santana.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 97,031 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Artifact owned at least 14 commercial properties with 57 residential units in New York City with 114,168 square feet and a city-determined market value of $20.4 million. (Market value is typically about 50% of actual value.) The portfolio has $43.1 million in debt, with top three lenders as Genesis Capital, Connectone Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 37 percent of the 114,168 square feet of built space are industrial properties, with mixed-use properties next occupying 18 percent of the space. They are all located in Manhattan.

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