Kelvin Phillips pays $2.7M for 13-unit walkup in Harlem

Kelvin Lamont Phillips through the entity Phillips Amsterdam LLC paid $2.7 million to the Montreal entity 1761 Amsterdam L.P for the 13-unit residential walkup building (C7) at 1761 Amsterdam Avenue in Harlem, Manhattan. The expected use is cash flowing.
The parcel is adjacent to a development site owned by Elmo Realty at 1763 Amsterdam Avenue.
The deal closed on September 23, 2024 and was recorded on November 14, 2024. The property has 11,080 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $243 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 April 11, 2016, for $4 million. The signatory for the seller, an entity affiliated with Michael Sochaczevski and Tom Grainger, was Jeffrey Zwick. The contract date was August 14, 2024.
Kelvin Lamont Phillips’s company is at the location of Watson’s Plumbing, Heating & Building Services.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kelvin Lamont Phillips had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Sochaczevski 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 Tom Grainger, head officer and Stephanie Lara, site manager. The business entity is 1761 Amsterdam, Lp.

The property

The residential walkup building with 13 residential units in Harlem has 11,080 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The lot is irregular. 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 $2.2 million. The property has 7 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 46 housing violations, $150 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 93,784 square feet of the 225,965 square feet. The largest owner is Pinnacle Group, followed by Elmo Realty and then Howard A. Clarke.
On the tax block, there was one new building construction project filed totaling 4,986 square feet. It is a one-unit, 4,986 square-foot 54 building submitted by Moujan Vahdat with plans filed March 21, 2023 and permitted July 23, 2024.

The majority, or 64 percent of the 225,965 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

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