Celaj Management pays $2.9M for 18-unit walkup in Harlem

Celaj Management through the entity 2119 FDB LLC paid $2.9 million to Hale Rickman through the entity 2119 Realty Associates, LLC for the 18-unit residential walkup building (C4) at 2119 8th Avenue in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on May 28, 2026 and was recorded on June 8, 2026. The property has 10,547 square feet of built space and 4,606 square feet of additional air rights for a total buildable of 15,152 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $277 and the price per buildable square foot is $193 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 December 29, 2004, for $851,000. The signatory for Hale Rickman was Stephen S. Siminou . The signatory for Celaj Management was Bashkim Celaj . The contract date was June 16, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Celaj Management purchased one other property for $10.4 million and has no record it sold any properties over the past 24 months.
The seller Hale Rickman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Hale Rickman, head officer and Reed Rickman, shareholder. The business entity is 2119 Realty Associates, Llc. The 10,547-square-foot property generated revenue of $489,214 or $46 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Harlem has 10,547 square feet of built space and 4,606 square feet of additional air rights for a total buildable of 15,152 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,517 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The property has a J-51 exemption that started in 2011 and expires in 2025. The city-designated market value for the property in 2022 is $3 million. The property has 18 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 10 housing violations 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 23 of the 26 commercial properties representing 314,266 square feet of the 404,463 square feet. The largest owner is Black Spruce Management, followed by Emerald Equity Group and then Yuco Management.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 404,463 square feet of built space are walkup buildings, with elevator buildings next occupying 44 percent of the space.

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