Eduard Kandinov pays $1.9M for 4-unit walkup in East Harlem

Eduard Kandinov through the entity Golden Harlem LLC paid $1.9 million to Derrick W. Taitt through the entity Rairasdan125 LLC for the four-unit property (C4) at 20 East 125th Street in East Harlem, Manhattan.
The deal closed on April 4, 2023 and was recorded on April 14, 2023. The property has 4,900 square feet of built space and 3,168 square feet of additional air rights for a total buildable of 8,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $397 and the price per buildable square foot is $241 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 8, 2005, for $465,000. The signatory for Derrick W. Taitt was Derrick W. Taitt. The signatory for Eduard Kandinov was Eduard Kandinov.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eduard Kandinov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Derrick W. Taitt had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Derrick Taitt, head officer. The business entity is Rairasdan 125 Llc.

The property

The property with 4 residential units in East Harlem has 4,900 square feet of built space and 3,168 square feet of additional air rights for a total buildable of 8,072 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,018 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $890,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 29 commercial properties representing 177,639 square feet of the 341,999 square feet. The largest owner is Sylvia Caldwell, followed by Stellar Management and then Shmuel Bentov.
On the tax block, there was one new building construction project filed totaling 466,487 square feet. It is a 670-unit, 466,487 square-foot residential (R-2) building submitted by Continuum Companies and filed by Ian Bruce Eichner with plans filed November 9, 2013 and permitted April 22, 2015.

The majority, or 40 percent of the 341,999 square feet of built space are elevator buildings, with walkup buildings next occupying 29 percent of the space.

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