Artimus NYC records nine internal transfers in Harlem totaling $103.8M

Harlem-based Artimus NYC recorded nine internal transfers totaling $103.8 million including one residential building and 12 commercial parcels, all in Harlem or East Harlem. No tax was recorded, indicating there was no change in ownership. These were all entity-level transactions, not deed transfers. 12 of the properties changed from four limited liability companies to one company, called Kery Properties Equities LLC, with an address at Artimus NYC. One property was transferred into Kery Managed Equities LLC, also with an address at Artimus NYC.
The seller entities included affiliates with owners of Artimus, for example one entity RYD LLC, is at a Stamford, Connecticut, address affiliated with company president Ken Haron.

In the largest transaction, Kery Managed Equities LLC acquired an interest from Drale LLC (and others) valued at $36.2 million for 160-unit residential elevator building (D6) at 1850 Park Avenue in East Harlem, Manhattan.
The deal closed on January 1, 2024 and was recorded on January 4, 2024. The property has 138,086 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $262 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.)

In the second transaction, Kery Properties Equities LLC acquired an interest from Drale LLC (and others) valued at $15 million for the office building (O3) at 81 East 125th Street in East Harlem, Manhattan. The deal closed on January 1, 2024 and was recorded on January 4, 2024. The property has 34,176 square feet of built space and 10,735 square feet of additional air rights for a total buildable of 44,920 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $438 and the price per buildable square foot is $333 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 22, 2011, for $1.5 million.

In the third transaction, Kery Properties Equities LLC acquired an interest from Drale LLC (and others) valued at $13 million for industrial building (G7) at 114 East 124th Street in East Harlem, Manhattan, industrial building (G7) at 108 East 124th Street in East Harlem, Manhattan, and industrial building (G7) at 106 East 124th Street in East Harlem, Manhattan. The deal closed on January 1, 2024 and was recorded on January 4, 2024. The three properties have zero square feet of built space and 26,027 square feet of additional air rights for a total buildable of 26,027 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $499 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.)

Other properties include 100 East 128th Street, 2173 Fredrick Douglass Boulevard, 310 West 118th Street, 314 West 118th Street, 260 West 118th Street, 102 East 124th Street, 2040 Frederick Douglass Boulevard and 2040 Frederick Douglass Boulevard.

The property

The parcel has frontage of 170 feet and is 90 feet deep with a total lot size of 14,157 square feet. The zoning is M1-6/R9 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 million. The most recent loan totaled $66 million and was provided by Bank Hapoalim on February 3, 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 one DOB violation, $15,000 in ECB penalties, and $15,100 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 152-unit, 122,872 square-foot R-2 building. The project was submitted by Artimus and filed by Robert Ezrapour with plans filed June 21, 2019 and permitted April 1, 2022.

The block

On this tax block, PincusCo has identified the owners of 17 of the 40 commercial properties representing 103,315 square feet of the 238,702 square feet. The largest owner is Angelita Ortega, followed by Arda Ardan and then Artimus.
On the tax block, there were five new building construction projects totaling 371,442 square feet. The largest is a 152-unit, 122,872 square-foot residential (R-2) building submitted by Artimus and filed by Robert Ezrapour with plans filed June 21, 2019 and permitted April 1, 2022. The second largest is a 93-unit, 107,735 square-foot residential (R-2) building submitted by Robert Kaliner with plans filed December 20, 2019 and permitted April 29, 2022.

The majority, or 50 percent of the 238,702 square feet of built space are walkup buildings, with elevator buildings next occupying 48 percent of the space.

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