Haussmann Development pays $7.5M to Global Asset Properties for dev site in Harlem

UPDATED 8:40 a.m., May 14, 2025: Haussmann Development through the entity 16 Convent LLC paid $7.5 million to Global Asset Properties through the entity 116 Convent Avenue LLC for the development site (G7) at 16 Convent Avenue in Harlem, Manhattan. The expected use is ground up development.
The deal closed on May 7, 2025 and was recorded on May 12, 2025. The property has zero square feet of built space and 51,000 square feet of additional air rights for a total buildable of 51,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $147 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 July 30, 2004, for $1.1 million. The signatory for Global Asset Properties was Albert Rabizadeh . The contract date was February 18, 2025. Traded reported Josef Goodman and Jake Sokol of Haussmann bought the property.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Haussmann Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Global Asset Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 84 feet and is 90 feet deep with a total lot size of 7,632 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $5 million and was provided by Columbia Capital on January 12, 2024.

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 $6,000 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 neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.9 times the average sales volume among other neighborhoods with $777.3 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Harlem has 3.1 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 26 commercial properties representing 324,368 square feet of the 604,370 square feet. The largest owner is Janus Property Company, followed by West Harlem Group Associates and then L+M Development Partners.
On the tax block, there was one new building construction project filed totaling 428,105 square feet. It is a 428,105 square-foot business (B) building submitted by Janus Property and filed by Scott Metzner with plans filed February 12, 2016 and it has not been permitted yet.

The majority, or 51 percent of the 604,370 square feet of built space are office buildings, with industrial buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Global Asset Properties owned at least one commercial property in New York City with 12,895 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Haussmann Development owned at least three commercial properties with 130 residential units in New York City with 36,822 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio has $74.3 million in debt, with top three lenders as Barings, Greystone & Co., and Urban Standard Capital respectively. Within the portfolio, the bulk, or 92 percent of the 36,822 square feet of built space are industrial properties, with development properties next occupying 8 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

Correction: An earlier version of this post had the incorrect buildable square feet, and therefore also the price per foot. They have been corrected.

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