Columbia University pays $7.5M to Howard Glickberg for seven properties in Harlem

Columbia University through the entity Trustees Of Columbia University paid $7.5 million to Howard Glickberg through the entity 2290 12th Avenue LLC for mixed-use building at 2308 Joe Dimaggio Highway in Harlem, Manhattan, industrial building at 2290 Joe Dimaggio Highway in Harlem, Manhattan, and midblock industrial building at 2298 12th Avenue in Harlem, Manhattan.
The deal closed on March 30, 2022 and was recorded on May 25, 2022. The seven properties have 13,058 square feet of built space and 136,513 square feet of additional air rights for a total buildable of 149,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $574 and the price per buildable square foot is $50 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 signatory for Howard Glickberg was Howard Glickberg. The signatory for Columbia University was Sharon Colburn.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2308 Joe Dimaggio Highway.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Columbia University purchased 25 properties in four transactions for a total of $112.7 million and has no record it sold any properties over the past 24 months.
The seller Howard Glickberg and the Glickberg family had not purchased any other properties and had $84 million to Columbia University over the same time period.

The property

The 2308 Joe Dimaggio Highway parcel has frontage of 84 feet and is 83 feet deep with a total lot size of 6,677 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Harlem, the bulk, or 42 percent of the 99.7 million square feet of commercial 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.

The block

On the tax block of 2308 Joe Dimaggio Highway, PincusCo has identified the owners of eight of the 16 commercial properties representing 54,405 square feet of the 100,278 square feet. The identified owner is Columbia University. There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 100,278 square feet of built space are mixed-use buildings, with retail buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Columbia University owned at least 254 commercial properties with 18,004,847 square feet and a city-determined market value of $3.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 18,004,847 square feet of built space are specialty properties, with residential elevator properties next occupying 34 percent of the space. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 2308 Joe Dimaggio Highway, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Columbia University bought the 41,347-square-foot, one-unit mixed-use building (K2) on 2328 Joe Dimaggio Highway for $25.2 million from Glickberg Family on January 26, 2022.

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