Assembly OSM pays $4.1M to HAP for development in East Harlem
Assembly OSM through the entity 247 E 117 Street LLC paid $4.1 million to HAP Investments through the entity 247-249 East 117th Street Mazal LLC for the development site (V1) at 247 East 117th Street in East Harlem, Manhattan.
On this parcel is a 48-unit, 35,347 square-foot residential (R-2) project submitted by HAP Investments and filed by Monzer Khafagy with plans filed December 8, 2017 and permitted June 13, 2022.
The deal closed on May 17, 2023 and was recorded on May 30, 2023.
The seller bought the property on April 22, 2014, for $3.2 million. The signatory for HAP Investments was Eran Polack. The signatory for Assembly OSM was Andrew Staniforth.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Assembly OSM had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller HAP Investments had not purchased any other properties and had not sold any properties over the same time period.
The property
The parcel has frontage of 55 feet and is 75 feet deep with a total lot size of 4,161 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled 0.0 and was provided by River Rock Associates|PILOT Real Estate Group on October 13, 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 $15,000 in ECB penalties and $15,900 in OATH penalties in the last year.
The neighborhood
In East Harlem, The majority, or 51 percent of the 52.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2 times the average sales volume among other neighborhoods with $692.9 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem has 2.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of 11 of the 26 commercial properties representing 156,390 square feet of the 264,940 square feet. The largest owner is Roy Moussaeiff, followed by Hope Community and then Hap Investments.
On the tax block, there were five new building construction projects totaling 102,376 square feet. The largest is a 48-unit, 35,347 square-foot residential (R-2) building submitted by HAP Investments and filed by Monzer Khafagy with plans filed December 8, 2017 and permitted June 13, 2022. The second largest is a 28-unit, 24,985 square-foot residential (R-2) building submitted by Geraldine Diaz with plans filed September 15, 2014 and it has not been permitted yet.
The majority, or 56 percent of the 264,940 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.
The seller
The PincusCo database currently indicates that HPA Investments owned at least four commercial properties with 50 residential units in New York City with 41,002 square feet and a city-determined market value of $23.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 41,002 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.
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