City Skyline Realty pays $6.1M for 29-unit elevator building in Harlem

City Skyline Realty through the entity 512 W 151 LLC paid $6.1 million to John D. Balian through the entity Adana Properties LLC for the 29-unit residential elevator building at 512 West 151st Street in Harlem, Manhattan.
The deal closed on February 4, 2022 and was recorded on February 16, 2022.
The property has 31,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $192 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 August 19, 2011, for $3.7 million.
The signatory for John D. Balian was John D. Balian. The signatory for City Skyline Realty was Anthony Simari.
Prior to this transaction, the buyer City Skyline Realty purchased at least eight properties in seven transactions for a total of $49.9 million and had not sold any properties over the past 24 months.
The seller John D. Balian had not purchased any other properties and sold one properties in one transactions for a total of $5.4 million over the same time period.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Harlem, the bulk, or 42 percent of the 99.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $607.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 34 percent of the 541,535 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 31 percent of the space.
The former owners according to the Department of Housing Preservation and Development included John Balian, head officer and Sosi Balian, officer. The business entities were Delkap Management and Adana Properties Llc.

Within a 400-foot radius of 512 West 151st Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, five were loans above $5 million totaling $46.8 million. The most recent of the five was Moses Mizrahi which borrowed $10.4 million from Customers Bank secured by the 21,600-square-foot, 31-unit rental (C1) on 506 West 150th Street and one other property on February 8, 2022.

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