Celaj Management pays $6.3M for 29-unit walkup in Harlem

Celaj Management through the entity Central Park North Realty Associates LLC paid $6.3 million to the Rickman family through the entity 9-11 Realty Associates, LLC for the 29-unit residential walkup building (C7) at 9 Central Park North in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on May 28, 2026 and was recorded on June 10, 2026. The property has 23,640 square feet of built space and 16,467 square feet of additional air rights for a total buildable of 40,135 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $268 and the price per buildable square foot is $158 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 April 27, 2017, for $13.7 million. 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 two properties in two transactions for a total of $5.7 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 sold two properties in two transactions for a total of $5.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Hale Rickman, head officer and Maricruz Lora, site manager. The business entity is 9-11 Realty Associates, Llc. The 23,640-square-foot property generated revenue of $733,232 or $31 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 29 residential units in Harlem has 23,640 square feet of built space and 16,467 square feet of additional air rights for a total buildable of 40,135 square feet according to a PincusCo analysis of city data. The parcel has frontage of 66 feet and is 100 feet deep with a total lot size of 6,667 square feet. 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 $3.7 million. The property has 13 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 two DOB violations, 15 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 12 commercial properties representing 325,210 square feet of the 418,495 square feet. The largest owner is L+M Development Partners , followed by Ramesh Menon and then Stellar Management.
On the tax block, there was one new building construction project filed totaling 121,476 square feet. It is a 105-unit, 121,476 square-foot residential (R-2) building submitted by Infinite Horizons and filed by Randall Powell with plans filed November 12, 2024 and it has not been permitted yet.

The majority, or 60 percent of the 418,495 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Celaj Management owned at least two commercial properties with 39 residential units in New York City with 28,507 square feet and a PincusCo-determined asset value of $5.7 million. Within the portfolio, all identified are walkup properties.

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