Doron Greenberg pays $6.3M to Artimus for two properties in Harlem

Doron Greenberg through the entity Grfo 30 Bradhurst LLC paid $6.3 million to Artimus through the entity Bradhurst Equities, L.L.C. for the 25-unit residential elevator building at 30-32 Bradhurst Avenue in Harlem, Manhattan and midblock parcel at 28 Bradhurst Avenue in Harlem, Manhattan.
The deal closed on April 27, 2022 and was recorded on May 9, 2022. The two properties have 21,342 square feet of built space and 5,638 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $295 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 Artimus was Yoav Haron. The signatory for Doron Greenberg was Doron Greenberg.

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 30-32 Bradhurst Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Doron Greenberg purchased one property in one transaction for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The seller Artimus had not purchased any other properties and sold five properties in two transactions for a total of $12.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Mintz, head officer and Lili Ezrapour, officer. The business entities are Md Squared Property Group and Bradhurst Equities Llc. Out of the two properties, one with a total of 21,342 square feet of built space generated revenue of $552,232 per year.

The property

The 30-32 Bradhurst Avenue parcel has frontage of 39 feet and is 100 feet deep with a total lot size of 4,500 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 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 received one DOB violation, $1,280 in ECB penalties, and $1,580 in OATH penalties 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. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 136,420 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Artimus owned at least 10 commercial properties with 223,258 square feet and a city-determined market value of $26.4 million. (Market value is typically about 50% of actual value.) The portfolio has $281.4 million in debt, with top three lenders as Bank Leumi, Bank Hapoalim, and Barings respectively. Within the portfolio, the bulk, or 58 percent of the 223,258 square feet of built space are residential elevator properties, with specialty properties next occupying 22 percent of the space. The bulk, or 93 percent of the built space, is in Manhattan, with Bronx next at 7 percent of the space.

The buyer

The PincusCo database currently indicates that Doron Greenberg owned at least one commercial property with 9,100 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single residential walkup property. It is located in Manhattan.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 30-32 Bradhurst Avenue that occurred over the past 24 months.

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