Avi Dishi pays $9.8M for six rentals in Harlem

Avi Dishi of Elysee Investment Company through the entity FDB Management LLC paid $9.8 million to RMC Equities through the entity The Estate Of Eight 115 Associates LLC for the 10-unit rental (C4) at 264 West 115th Street in Harlem, Manhattan, eight-unit rental (C4) at 276 West 115th Street in Harlem, Manhattan, and 10-unit rental (C4) at 278 West 115th Street in Harlem, Manhattan.
This is a sale of property as part of a Chapter 7 bankruptcy, after Daniel Reifer put the portfolio into bankruptcy in 2020.
The deal closed on October 13, 2021 and was recorded on October 25, 2021.
The six properties have 44,108 square feet of built space and 15,054 square feet of additional air rights for a total buildable of 59,172 square feet according to PincusCo analysis of city data. The sale price per built square foot is $222 and the price per buildable square foot is $165 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 RMC Equities was Yann Geron. The signatory for Avi Dishi was Rani Dishi.

The former owners according to the Department of Housing Preservation and Development included Stanley Reifer, head officer and Jeremy Reifer, officer. The business entity was Eight-115 Associates Llc.

Within a 400-foot radius of 264 West 115th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 16, 2020 for the $823,591.0 renovation of 18,546-square-foot R-3 building with 16 residential units at 231 West 116th Street.
One of those four items was a sale which Black Spruce Management bought the 17,410-square-foot, 20-unit rental (C1) on 229 West 115th Street for $8.9 million from Orbach Group on November 5, 2020.
Of those four items, two were loans above $5 million totaling $32.0 million. The most recent of the two was Saied Soleimani which borrowed $9 million from Peapack-Gladstone Bank secured by the 10,335-square-foot, 13-unit rental (C4) on 271 West 113th Street and two other properties on October 12, 2021.

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