Camber Property pays $25.4M to Renaissance Realty Group for four rentals in Central Harlem

Camber Property Group through the entity West 144 Owner LLC paid $25.4 million to Renaissance Realty Group through the entity 104-110 144 LLC for the 15-unit rental (C4) at 104 West 144th Street in Central Harlem, Manhattan, 15-unit rental (C4) at 106 West 144th Street in Central Harlem, Manhattan, and 15-unit rental (C4) at 108 West 144th Street in Central Harlem, Manhattan.
Walker & Dunlop provided $20.5 million in financing for the acquisition.
The deal closed on July 29, 2021 and was recorded on August 11, 2021.
The four properties have 51,560 square feet of built space and 0 square feet of additional air rights for a total buildable of 51,558 square feet according to PincusCo analysis of city data. The sale price per built square foot is $491 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 Renaissance Realty Group was Marc Chemtob. The signatory for Camber Property Group was Rick Gropper and Malcolm A. Punter.

Camber is the beneficial owner, while Harlem Congregations for Community Improvement is the nonprofit deed holder.
The former owner according to the Department of Housing Preservation and Development is Moshe Saurimpter, head officer. The business entity was 104-110 144 Llc.

Within a 400-foot radius of 104 West 144th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 27, 2019 for a 77,762-square-foot S-1 building with no residential units at 119 West 145th Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 17, 2020 for the $389,200.0 renovation of 5,000-square-foot B building with 0 residential units at 703 Lenox Avenue.
Of those seven items, two were sales above $5 million totaling $17.6 million. The most recent of the two was Coltown Properties which bought the 14,988-square-foot, six-unit retail building (K1) on 112 West 145th Street for $6.0 million from Tracy Cohen on June 15, 2021.
Of those seven items, three were loans above $5 million totaling $57.0 million. The most recent of the three was Coltown Properties which borrowed $20.0 million from ConnectOne Bank secured by the 15,000-square-foot, 10-unit mixed-use building (K4) on 685 Lenox Avenue and four other properties on June 18, 2021.

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