Brusco Realty pays $3.1M to East Coast Management for 24-unit rental in Harlem

Brusco Realty through the entity 603 West 138 Realty LLC paid $3.1 million to East Coast Management through the entity Aec 138 Realty LLC for the 24-unit residential elevator building (D2) at 603 West 138th Street in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 8, 2026. The property has 31,554 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $98 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 March 24, 2010, for $2.4 million. The signatory for East Coast Management was David Eshaghpour . The signatory for Brusco Realty was Joseph Annunziata . The contract date was November 25, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Brusco Realty purchased one property in one transaction for a total of $2.7 million and has no record it sold any properties over the past 24 months.
The seller East Coast Management had not purchased any other properties and sold one property in one transaction for a total of $6.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Eshaghpour, head officer and Nelson Gualpa, site manager. The business entity is Aec 138 Realty Llc. The 31,554-square-foot property generated revenue of $346,878 or $11 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 24 residential units in Harlem has 31,554 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 99 feet deep with a total lot size of 7,433 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million. The property has 23 rent regulated units according to city tax records from 2024.

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 31 housing violations and $400 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 288,239 square feet of the 463,882 square feet. The largest owner is Big City Realty, followed by Alma Realty and then Zalmen Management.
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 East Coast Management owned at least nine commercial properties with 372 residential units in New York City with 504,231 square feet and a city-determined market value of $44.5 million. (Market value is typically about 50% of actual value.) The portfolio has $75.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 92 percent of the 504,231 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Queens next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Brusco Realty owned at least 22 commercial properties with 313 residential units in New York City with 251,600 square feet and a city-determined market value of $72.6 million. (Market value is typically about 50% of actual value.) The portfolio has $46.3 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 68 percent of the 251,600 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. They are all located in Manhattan.

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