City Skyline Realty pays $5.2M to Castellan for 28-unit walkup in East Harlem

UPDATED 8:49 a.m., March 1, 2022: City Skyline Realty through the entity 88 E 111 LLC paid $5.2 million to Castellan Real Estate Partners through the entity CRP 88 East 111th LLC for 28-unit residential walkup building at 88 East 111th Street in East Harlem, Manhattan.
The deal closed on February 10, 2022 and was recorded on February 25, 2022.
The property has 19,884 square feet of built space and 9,300 square feet of additional air rights for a total buildable of 29,160 square feet according to PincusCo analysis of city data. The sale price per built square foot is $264 and the price per buildable square foot is $180 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 September 13, 2013, for $5 million.
The signatory for Castellan Real Estate Partners was Joel Hammer. The signatory for City Skyline was Anthony Simari.

The seller Castellan Real Estate Partners had not purchased any other properties and sold one property in one transaction for a total of $6 million over the same time period.
The 19,884-square-foot property generated revenue of $659,263 or $33 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $98,800.
In East Harlem, the majority, or 51 percent of the 63.1 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2.1 times the average sales volume among other neighborhoods with $571.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 91 percent of the 954,439 square feet of built space are residential elevator buildings, with hotel buildings next occupying 4 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Paul Salib, head officer and Rick Serrapica, officer. The business entities are Liberty Place Property Management and CRP 88 East 111th Street Llc.
Within a 400-foot radius of 88 East 111th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on September 15, 2021 for a 385,477-square-foot R-2 building with 384 residential units at 50 East 112th Street.
Of those 11 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 10, 2020 for the $731,500 renovation of 7,315-square-foot R-2 building with nine residential units at 53 East 110th Street.
One of those 11 items was a sale which Frank Pecora bought the 13,424-square-foot, 14-unit rental (D3) on 71 East 110th Street for $9.6 million from Sunder Sukhu Thandani on November 4, 2019.
Of those 11 items, seven were loans above $5 million totaling $470.3 million. The most recent of the seven was L+M Development Partners which borrowed $173.5 million from NYC Housing Development Corporation secured by the 0-square-foot nan (QG) on MADISON Avenue on July 12, 2021.

Correction: A prior version of this post identified Chestnut Holdings as the buyer, but that was incorrect. The buyer is City Skyline Realty.

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