Chabad Lubavitch of Harlem pays $2M for 3-family in Harlem

Chabad Lubavitch of Harlem through the entity Chabad Lubavitch Of Harlem, Inc. paid $2.025 million to the entity D’Man Realty, LLC for the three-unit building (C0) at 235 West 132nd Street in Harlem, Manhattan.
The deal closed on September 21, 2023 and was recorded on October 17, 2023. The property has 3,600 square feet of built space and 1,902 square feet of additional air rights for a total buildable of 5,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $562 and the price per buildable square foot is $368 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 7, 2013, for $1.5 million. The signatory for the sellers Anthony D’Angelo and Gabriel Manzon was Kristin Palmeri. The signatory for Chabad Lubavitch of Harlem was Yosef Y. Gansbourg. The contract date was September 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chabad Lubavitch of Harlem had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Tony D’Angelo, head officer and Gabriel Manzon, officer. The business entities are Kg Properties Of New York and D’Man Realty Llc.

The property

The 1-4 family building with 3 residential units in Harlem has 3,600 square feet of built space and 1,902 square feet of additional air rights for a total buildable of 5,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 99 feet deep with a total lot size of 1,599 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.

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 $625 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 12 of the 17 commercial properties representing 236,374 square feet of the 454,013 square feet. The largest owner is Zalmen Management, followed by Neighborhood Restore and then Elysee Investment Corp.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 454,013 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Anthony D’Angelo owned at least one commercial property with seven residential units in New York City with 9,698 square feet and a city-determined market value of $667,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

Direct link to Acris document. link