Aulder Capital pays $12.5M to Michael Silvermintz for 34-unit rental in East Harlem

Aulder Capital through the entity 327 East 101 Apts LLC paid $12.5 million to Michael Silvermintz through the entity SBM Associates Inc. for the 34-unit rental condo at 325 East 101st Street in East Harlem, Manhattan.
The deal closed on August 15, 2022 and was recorded on August 24, 2022. The property has 36,849 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $339 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 February 19, 2015, for $18.2 million. The signatory for Michael Silvermintz was Michael Silvermintz. The signatory for Aulder Capital was John Reid.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aulder Capital purchased two properties in two transactions for a total of $37.2 million and has no record it sold any properties over the past 24 months.
The seller Michael Silvermintz had not purchased any other properties and had not sold any properties over the same time period.

The property

The 325 East 101st Street parcel has a total lot size of 36,849 square feet. The city-designated market value for the property in 2022 is $6.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 21, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 286,777 square feet of the 399,880 square feet. The identified owner is New York City Housing Authority.
There is one active new building construction project totaling 21,313 square feet. It is a 21,313-square-foot retail (M) building developed by Azam Mohammed with plans filed January 25, 2018 and permitted February 5, 2021.

The majority, or 82 percent of the 350,097 square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Aulder Capital owned at least two commercial properties in New York City with 64,052 square feet and a city-determined market value of $10.7 million. (Market value is typically about 50% of actual value.) The portfolio has $61.6 million in debt, with top three lenders as High End Hospitality Corp., Greystone & Co., and Emerald Creek Capital respectively. Within the portfolio, the bulk, or 51 percent of the 64,052 square feet of built space are elevator properties, with walkup properties next occupying 49 percent of the space. They are all located in Manhattan.

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