Bekim Subasic pays $8.7M to Pinnacle Group for 56-unit rental in Harlem

Bekim Subasic through the entity 610 Riverside Drive Realty LLC paid $8.7 million to Pinnacle Group through the entity 610 Realty Associates LLC for 56-unit residential elevator building (D1) at 610 Riverside Drive in Harlem, Manhattan.
The deal closed on September 8, 2022 and was recorded on September 20, 2022. The property has 62,345 square feet of built space and 21,073 square feet of additional air rights for a total buildable of 83,461 square feet according to PincusCo analysis of city data. The sale price per built square foot is $139 and the price per buildable square foot is $103 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 May 30, 2003, for $4.2 million. The signatory for Pinnacle Group was Joel Wiener. The signatory for Bekim Subasic was Bekim Subasic.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Bekim Subasic had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pinnacle Group had not purchased any other properties and sold 203 properties (mostly unsold condo units) in two transactions for a total of $78.6 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Abidin Radoncic, head officer. The business entity is 610 Realty Associates Llc. The 62,345-square-foot property generated revenue of $850,794 or $14 per square foot, according to the most recent income and expense figures.

The property

The 610 Riverside Drive parcel has frontage of 100 feet and is 143 feet deep with a total lot size of 13,864 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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 received $2,500 in ECB penalties, six housing violations, and $2,500 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 209,679 square feet of the 463,882 square feet. The largest owner is Alma Realty, followed by Zalmen Management and then Tony Huang.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 463,882 square feet of built space are elevator buildings, with walkup buildings next occupying 46 percent of the space.

The seller

The PincusCo database currently indicates that Pinnacle Group owned at least 148 commercial properties in New York City with 7,790,547 square feet and a city-determined market value of $528.4 million. (Market value is typically about 50% of actual value.) The portfolio has $901.5 million in debt, with top three lenders as New York Community Bank, Tel Aviv Stock Exchange bondholders, and Axos Bank respectively. Within the portfolio, the bulk, or 77 percent of the 7,790,547 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 36 percent of the built space, is in Brooklyn, with Manhattan next at 23 percent of the space.

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