Khalid Innab pays $18M for Harlem retail developed by Happy Living Development

Khalid Innab through the entity KBI Realty LLC paid $18 million to the entity Bespoke Harlem West LLC for the retail condo at 300 West 122nd Street in Harlem, Manhattan. Levi Balkany’s Happy Living Development developed the building, but Balkany filed for personal bankruptcy last year. Balkany was signing documents at the property as recently as 2022.
The deal closed on June 27, 2023 and was recorded on July 6, 2023. The property has 17,553 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,025 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 Happy Living Development was Stavroula Tsolis. The signatory for Khalid Innab was Khalid Innab. Balkany’s bankruptcy case remains ongoing.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Khalid Innab had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Happy Living Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Harlem has 17,553 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 17,553 square feet. The city-designated market value for the property in 2022 is $2.3 million. The most recent loan totaled $23.5 million and was provided by Crossroads Impact on September 23, 2022.

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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by BESPOKE HARLEM WEST LLC to create 44 residential units in a building at 300 West 122nd Street in Harlem, Manhattan, called 300 West 122nd Street Condominium that has a $212.3 million sellout, according to an June 5, 2019 submission to the New York State Attorney General. The principals of the sponsor, BESPOKE HARLEM WEST LLC, were Levi Balkany and Rachel Medalie.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.6 times the average sales volume among other neighborhoods with $908.3 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 3.7 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Manhattan. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 70,801 square feet of the 143,944 square feet. The two identified owners are Yechiel Newhouse and Michael Johnson.
On the tax block, there were two new building construction projects totaling 209,995 square feet. The largest is a 170-unit, 205,123 square-foot residential (R-2) building submitted by Levi Balkany with plans filed December 20, 2010 and permitted April 9, 2019. The second largest is a 4,872 square-foot utility and miscellaneous (U) building submitted by Jeffrey Murphy with plans filed August 26, 2016 and permitted July 20, 2017.

The majority, or 94 percent of the 143,944 square feet of built space are walkup buildings, with mixed-use buildings next occupying 6 percent of the space.

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