Elie Fouerti pays $4.1M to Downtown Capital Partners for retail building in East Harlem

Elie Fouerti through the entity 2005-2009 3rd Ave Qoz LLC paid $4.1 million to Downtown Capital Partners through the entity Ak Properties Group LLC for retail building (K1) at 2005 Third Avenue in East Harlem, Manhattan.
The deal closed on November 5, 2021 and was recorded on November 17, 2021.
The property has 5,500 square feet of built space and 35,860 square feet of additional air rights for a total buildable of 41,360 square feet according to PincusCo analysis of city data. The sale price per built square foot is $745 and the price per buildable square foot is $99 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 Downtown Capital Partners was Gary M. Katz. The signatory for Elie Fouerti was Elie Fouerti.

Gary Katz is a managing partner at Downtown Capital Partners.

Within a 400-foot radius of 2005 3rd Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on June 24, 2021 for a 76,790-square-foot R-2 building with 101 residential units at 185 East 109th Street.

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