LAL Property Management pays $5M to Cohen Private Ventures for residential walkup in Harlem

LAL Property Management through the entity Lal-Roughlock W152, LLC paid $5 million to Cohen Private Ventures through the entity 532 West 152nd Street Owner LLC for midblock 21-unit residential walkup building at 532 West 152nd Street in Harlem, Manhattan.
The deal closed on April 11, 2022 and was recorded on April 25, 2022.

The property has 14,010 square feet of built space and 2,622 square feet of additional air rights for a total buildable of 16,652 square feet according to PincusCo analysis of city data. The sale price per built square foot is $356 and the price per buildable square foot is $300 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 14, 2015, for $6.7 million. The signatory for Cohen Private Ventures was Todd B. Kristol. The signatory for LAL Property Management was Leslie Lerner. Todd B. Kristol is a partner and the head of real estate at Cohen Private Ventures.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer LAL Property Management purchased one properties in one transactions for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Cohen Private Ventures 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 Todd Kristol, head officer and Rebecca Zanes, agent. The business entities are Prc Management and 532 West 152nd Street Owners Llc.

The property

The 532 West 152nd Street parcel has frontage of 41 feet and is 99 feet deep with a total lot size of 4,163 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 $2.8 million.

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 eight housing violations and $330 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 Harlem, the bulk, or 42 percent of the 99.7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $607.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 147,911 square feet of the 372,999 square feet. The largest owner is Artifact, followed by Shamsy Baradarian and then Monarch Realty Holdings. There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 551,574 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that LAL Property Management owned at least four commercial properties with 175,300 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) The portfolio has $28.4 million in debt, borrowed from Sterling National Bank. Within the portfolio, the bulk, or 76 percent of the 175,300 square feet of built space are residential walkup properties, with residential elevator properties next occupying 24 percent of the space. They are all located in Bronx.

Surrounding

Within a 400-foot radius of 532 West 152nd Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which City Skyline Realty bought the 31,500-square-foot, 29-unit rental (D1) on 512 West 151st Street for $6.1 million from John D. Balian on February 16, 2022.
One of those two items was a loan which Shamsy Baradarian borrowed $5.6 million from First Republic Bank secured by the 31,217-square-foot, 34-unit rental (C1) on 502 West 152nd Street on October 20, 2020.

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