Khalil Sikander pays $4.2M to Aulder Capital for 30-unit rental in Harlem

Khalil Sikander through the entity 656 Manhattan LLC paid $4.2 million to Aulder Capital through the entity St. Nicholas Ave Apartments LLC for the 30-unit residential elevator building (D1) at 656 St Nicholas Avenue in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on December 31, 2024 and was recorded on January 8, 2025. The property has 20,640 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $201 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 August 2, 2017, for $10 million. The signatory for Aulder Capital was John Reid. The signatory for Khalil Sikander was Khalil Sikander. The contract date was December 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Khalil Sikander had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aulder Capital purchased two properties in one transaction for a total of $17.6 million and sold one property in one transaction for a total of $1.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jonah Bamberger, head officer and Lisamarie Alexander, agent. The business entity is St. Nicholas Ave Apartments Llc.

The property

The residential elevator building with 30 residential units in Harlem has 20,640 square feet of built space 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 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 $3.3 million. The most recent loan totaled $6.6 million and was provided by Dime Community Bank on March 29, 2024. The property has 12 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 $3,125 in ECB penalties, 181 housing violations, $3,635 in OATH penalties, and five housing litigations 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 25 of the 42 commercial properties representing 574,111 square feet of the 746,973 square feet. The largest owner is Fairstead, followed by Scharfman Organization and then L+M Development Partners.
On the tax block, there was one new building construction project filed totaling 13,975 square feet. It is a 20-unit, 13,975 square-foot residential (R-2) building submitted by Jason Benta with plans filed July 26, 2019 and permitted December 21, 2020.

The majority, or 57 percent of the 746,973 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Aulder Capital owned at least 12 commercial properties with 287 residential units in New York City with 195,827 square feet and a city-determined market value of $32.8 million. (Market value is typically about 50% of actual value.) The portfolio has $144.1 million in debt, with top three lenders as High End Hospitality Corp., Dime Community Bank, and Principal Global Investors respectively. Within the portfolio, the bulk, or 73 percent of the 195,827 square feet of built space are walkup properties, with elevator properties next occupying 27 percent of the space. They are all located in Manhattan.

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