Investor in homeless shelters pays $23.1M to Joel Shafran for shelter in Harlem

An investor in homeless shelters using the company West 144th Street Propco LLC paid $23.1 million to Joel Shafran through the entity 141 West 144th Street Realty Corp. for the shelter (N2) at 141 West 144th Street in Harlem, Manhattan.
West 144th Street Propco LLC funded the acquisition with a $15.6 million loan with Bear Creek Asset Management.

The deal closed on December 21, 2021 and was recorded on December 30, 2021.
The property has 28,460 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $810 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 Joel Shafran was Joel Shafran. The signatory for West 144th Street Propco LLC was Yoel Zagelbaum. Zagelbaum was the signatory on at least two other shelter properties.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $267,750. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $39,000. One of the projects were to change the building from a RES to a R-2 and change the number of residential units from 60 to 56 and were permitted on February 26, 2019.
The buyer entity West 144th Street Propco LLC has a New York address at 130 Lee Avenue, box number 176.
The former owner according to the Department of Housing Preservation and Development is Joel Shafran, head officer. The business entity is 141 West 144 Realty Corp.
Within a 400-foot radius of 141 West 144th Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on May 26, 2020 for the $1.9 million renovation of 15,993-square-foot R-2 building with 16 residential units at 2488 7th Avenue.
Of those eight items, three were sales above $5 million totaling $42.9 million. The most recent of the three was Camber Property Group which bought the 12,890-square-foot, 15-unit rental (C4) on 108 West 144th Street and three other properties for $25.4 million from Renaissance Realty Group on August 11, 2021.
Of those eight items, four were loans above $5 million totaling $64.6 million. The most recent of the four was Camber Property Group which borrowed $20.5 million from Walker & Dunlop secured by the 12,890-square-foot, 15-unit rental (C4) on 108 West 144th Street and three other properties on August 11, 2021.

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