Columbia University pays $84M to Glickberg family for 8 properties in Harlem

Columbia University paid $84 million to the Glickberg family for eight properties in Harlem, through two separate transactions.

In the larger, Columbia University through the entity The Trustees Of Columbia Univ In The City Of NY paid $58.8 million to the Glickberg family through the entity 2290 12th Avenue, LLC for the industrial building at 2290 12th Avenue in Harlem, Manhattan, and others.
The deal closed on December 30, 2021 and was recorded on January 26, 2022.
The Commercial Observer first reported that Columbia University purchased the former Fairway Market assemblage at 2328 12th Avenue in Harlem for $84 million in an all-cash deal. The properties were previously owned by the Glickberg family which founded Fairway Market, according to Commercial Observer.
Eric Roth, Adam Spies, Robert Shapiro, Tyler Signora and Harry James of Cushman & Wakefield brokered the transaction.
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 $4,502 and the price per buildable square foot is $393 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 Glickberg Family was Howard Glickberg. The signatory for Columbia University was Sharon Colburn.

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.
On the 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.

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In the second transaction, Columbia University through the entity The Trustees Of Columbia Univ In The City Of NY paid $25.2 million to Glickberg family through the entity 2328 On Twelfth, LLC for mixed-use building at 2328 12th Avenue in Harlem, Manhattan.
The deal closed on December 30, 2021 and was recorded on January 26, 2022.
The property has 41,347 square feet of built space and 27,629 square feet of additional air rights for a total buildable of 69,074 square feet according to PincusCo analysis of city data. The sale price per built square foot is $609 and the price per buildable square foot is $364 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 Glickberg Family was Howard Glickberg. The signatory for Columbia University was Sharon Colburn.
Prior to this transaction, the buyer Columbia University had not purchased any other properties and had not sold any properties over the past 24 months.
The 41,347-square-foot property generated revenue of $1.7 million or $41 per square foot, according to the most recent income and expense figures.

The properties were previously owned by the Glickberg family which founded Fairway Market, according to Commercial Observer.

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