II Macedonian Pentecostal Church pays $3.8M for industrial in East Harlem

II Macedonian Pentecostal Church paid $3.8 million to Ketty Maisonrouge through the entity Kfmgallatin, LLC for the industrial building (E1) at 205 East 123rd Street in East Harlem, Manhattan.
The deal closed on May 15, 2024 and was recorded on May 23, 2024. The property has 8,931 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $425 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 November 19, 2012, for $2.4 million. The signatory for Ketty Maisonrouge was Ketty H. Pucci-Sisti Maisonrouge. The contract date was December 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer II Macedonian Pentecostal Church had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ketty Maisonrouge had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East Harlem has 8,931 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,723 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 20, 2015. 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 East Harlem, The majority, or 51 percent of the 52.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.5 times the average sales volume among other neighborhoods with $403.2 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, East Harlem has 1.4 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.6 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.

The block

On this tax block, PincusCo has identified the owners of 14 of the 29 commercial properties representing 148,261 square feet of the 254,163 square feet. The largest owner is Tomohiko Shimura, followed by Suresh Kumar Sachdev and then Nasir Sosouness.
On the tax block, there was one new building construction project filed totaling 8,563 square feet. It is a 11-unit, 8,563 square-foot residential (R-2) building submitted by Saul Mazor and filed by Alex Halimi with plans filed July 27, 2015 and permitted December 21, 2017.

The majority, or 43 percent of the 254,163 square feet of built space are walkup buildings, with specialty buildings next occupying 25 percent of the space.

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