Joshua Einhorn pays $3M to ICER Properties for residential walkup in East Harlem

Joshua Einhorn through the entity ARJE 217 E115 LLC paid $3 million to ICER Properties through the entity Icer Of 217 East 115th Street LLC for the eight-unit residential walkup building (C1) at 217 East 115th Street in East Harlem, Manhattan.
The deal closed on October 26, 2022 and was recorded on October 31, 2022. The property has 4,639 square feet of built space and 2,634 square feet of additional air rights for a total buildable of 7,268 square feet according to PincusCo analysis of city data. The sale price per built square foot is $635 and the price per buildable square foot is $405 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 27, 2017, for $1.3 million. The signatory for ICER Properties was Joseph Cohen. The signatory for Joshua Einhorn was Joshua Einhorn.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joshua Einhorn purchased one property in one transaction for a total of $3.8 million and has no record it sold any properties over the past 24 months.
The seller ICER Properties purchased one property in one transaction for a total of $4.7 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Jemal, head officer and Lionson Llc, shareholder. The business entities are Livingston Management Services Llc and Icer Of 217 East 115th Street Llc.

The property

The 217 East 115th Street parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,817 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 $712,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two housing violations, $200 in OATH penalties, and one housing litigation 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 block

On this tax block, PincusCo has identified the owners of six of the 38 commercial properties representing 102,892 square feet of the 273,951 square feet. The two identified owners are Emerald Equity Group and Hope Community.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 273,951 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Icer Properties owned at least 19 commercial properties in New York City with 273,427 square feet and a city-determined market value of $32.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 273,427 square feet of built space are walkup properties, with retail properties next occupying 22 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Bronx next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that Joshua Einhorn owned at least one commercial property in New York City with 7,575 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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