Jeremey Tahari pays $2.5M to Rettner Realty for two mixed-use properties in East Harlem

Jeremey Tahari of Tahari Capital through the entity Chai Park Ave LLC paid $2.5 million to Rettner Realty through the entity 1886 Park Rmr LLC for three-unit mixed-use building (S3) at 1886 Park Avenue in East Harlem, Manhattan and three-unit mixed-use building (S3) at 1888 Park Avenue in East Harlem, Manhattan.
The deal closed on July 18, 2022 and was recorded on August 1, 2022. The two properties have 6,480 square feet of built space and 14,327 square feet of additional air rights for a total buildable of 20,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $393 and the price per buildable square foot is $122 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 Rettner Realty was Ronald Rettner. The signatory for Jeremey Tahari was Jeremey Tahari.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1886 Park Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jeremey Tahari had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rettner Realty had not purchased any other properties and sold 13 properties in eight transactions for a total of $58.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ronald Rettner, head officer and Arnaldo Rojas, officer. The business entity is 1886 Park Rmr Llc.

The property

The 1886 Park Avenue parcel has frontage of 19 feet and is 70 feet deep with a total lot size of 1,383 square feet. The zoning is M1-6/R9 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $453,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,090 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 $5 million on this tax lot.

The neighborhood

In East Harlem, the majority, or 51 percent of the 51.9 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 1.8 times the average sales volume among other neighborhoods with $602.2 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, East Harlem has 4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Manhattan. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 1886 Park Avenue, PincusCo has identified the owners of four of the 28 commercial properties representing 52,548 square feet of the 273,308 square feet. The largest owner is Friedman Management, followed by Fernando Alfonso and then Sai Hung Tsang As Trustee. There are three active new building construction projects totaling 15,936 square feet. The largest is a six-unit, 6,555-square-foot R-2 building developed by Tomer Dafna with plans filed June 12, 2015 and it has not been permitted yet.The second largest is a two-unit, 2,880-square-foot R-3 building developed by Mois Roshal with plans filed May 10, 2013 and it has not been permitted yet.

The majority, or 55 percent of the 273,308 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.
Correction: A prior version of this post misspelled Jeremey Tahari’s first name.

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