Jay Domb pays $8M to Mann Realty for 30-unit walkup in Harlem, Mann’s first purchase

Jay Domb of Empire Hotel Group, through the entity 241 CPN LLC paid $8 million to Maurice Mann’s Mann Realty Associates through the entity 241 Realty Associates, LLC for the 30-unit residential walkup building (C1) at 241 Central Park North in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 8, 2025. The property has 21,114 square feet of built space and 9,000 square feet of additional air rights for a total buildable of 30,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $378 and the price per buildable square foot is $265 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 Mann Realty Associates was Vinod Motwani. The signatory for Jay Domb was Jay Domb. The contract date was February 7, 2025. According to an interview with The Real Deal, this was the first building Mann bought.

Vinod Motwani was described in a 2021 deposition from another Mann Realty Associates employee as a vice president of operations. In that deposition, the deponent said Mann Realty only owned two buildings, 241 Central Park North and 400 West 153rd Street, while it continued to manage other buildings, though city records indicate Mann sold 400 West 153rd Street in 2020. Mann once owned as many as 13 buildings including a stake with Africa Israel in the Apthorp.

Maurice Mann of Mann Realty Associates bought the building in 1982, financed with a $33,673 purchase money mortgage.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jay Domb had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mann Realty Associates had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Maurice Mann, head officer and Luan Bashli, site manager. The business entity is 241 Realty Associates Llc. The 21,114-square-foot property generated revenue of $965,929 or $46 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 30 residential units in Harlem has 21,114 square feet of built space and 9,000 square feet of additional air rights for a total buildable of 30,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 million. The property has 4 rent regulated units according to city tax records from 2023.

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 five housing violations 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 eight of the 11 commercial properties representing 289,714 square feet of the 382,122 square feet. The largest owner is L+M Development Partners, followed by Related Companies and then Richard Eisenberg.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 382,122 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

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