Lavi, Ohabi pay $6.1M for two East Harlem rental projects with 22 units

Ngatollah Lavi and Nancy Ohabi using the entity Harlem101 LLC paid through a foreclosure action $6.1 million for the 11-unit residential elevator building (D6) at 308 East 106th Street and the 11-unit residential elevator building (D6) at 310 East 106th Street in East Harlem, Manhattan. The expected use is complete construction and then cash flowing. The former owners were Ismael Fernandez and the estate of Marc Salih.
The deal closed on April 8, 2025 and was recorded on April 16, 2025. The two properties when completed have 21,636 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $281 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 Ismael Fernandez and the estate of Marc Salih was Roberta Ashkin. The signatory for Ngatollah Lavi and Nancy Ohabi was Ngatollah Lavi and Nancy Ohabi. The contract date was April 8, 2025. Foreclosure case 850087/2023 in New York State Supreme Court in Manhattan. Roberta Ashkin was the referee.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 308 East 106th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ngatollah Lavi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ismael Fernandez had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential elevator building with 11 residential units in East Harlem has 21,636 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 2,523 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 $1.4 million. The most recent loan totaled $9.4 million and was provided by Parkview Financial on March 30, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $6,010 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project, 122965416, for a 22-unit, 20,160 square-foot R-2 building. The project was submitted by Salih Marc with plans filed December 7, 2016 and permitted October 27, 2017.

The block

On the tax block of 308 East 106th Street, PincusCo has identified the owners of 11 of the 28 commercial properties representing 239,547 square feet of the 354,844 square feet. The largest owner is East Harlem Scholars Academy Charter School, followed by Hope Community and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 20,160 square feet. It is a 22-unit, 20,160 square-foot residential (R-2) building submitted by Salih Marc with plans filed December 7, 2016 and permitted August 8, 2017.

The majority, or 38 percent of the 354,844 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Marc Salih owned at least two commercial properties with 22 residential units in New York City with 20,136 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $9.4 million in debt, borrowed from Parkview Financial. Within the portfolio, the bulk, or 100 percent of the 20,136 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.

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