Croman Real Estate pays $2.1M for rental in East Harlem which sellers owned for 54 years

Steven Croman’s Croman Real Estate through the entity 2154 2nd LLC paid the Cappi family, Christopher Cappi as signatory, through CC 2154 LLC, $2.1 million for 2154 2nd Avenue in East Harlem. The deal closed on January 8, 2020, and was recorded on January 17, 2020. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 17 residential units. The property is 9,825 square feet. The parcel(s) have total development potential of 18,800 square feet.
The sale price per unit is $120,588.

Croman Real Estate acquired the property from the Cappi family which has owned the building since Frank Cappi purchased it in 1966. The adjacent building to the north is owned by Isaac Kassirer’s Emerald Equity Group, and the building to the south is a one-story structure occupied by the Reach Out Baptist Church and owned since 1977 by an entity called Metro North Association.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link