Lender Bullpath Capital acquired three New York City properties from borrower Yehuda Cohen that had a total transfer value of $10.99 million.
In the most recent, Bullpath Capital through the entity 228 Lenox BPC Holdings, LLC acquired from Yehuda Cohen through the entity 228 Lenox Management LLC, the mixed-use building (K4) at 228 Lenox Avenue in Harlem, Manhattan. The transfer value was $2.6 million.
The deal closed on November 1, 2023 and was recorded on November 14, 2023. The property has 5,206 square feet of built space and 1,680 square feet of additional air rights for a total buildable of 6,880 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $492 and the price per buildable square foot is $372 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 March 16, 2020, for $2.5 million. The signatory for Yehuda Cohen was Yehuda Cohen. The signatory for Bullpath Capital was Russell Feder. The contract date was November 1, 2023.
The property will be marketed for sale through the broker Sarah Saltzberg of the firm Bohemia Realty Group, according to a person familiar with the asset.
In the second, Bullpath Capital through the entity 729 E32 BPC Holdings LLC acquired from to Yehuda Cohen through the entity 729 East 32 LLC for the six-unit residential walkup building (C2) at 731 East 32nd Street in East Flatbush, Brooklyn and six-unit residential walkup building (C2) at 729 East 32nd Street in East Flatbush, Brooklyn. The transfer value was $5.7 million.
In the third, Bullpath Capital through the entity 628-630 BPC Holdings LLC acquired from Yehuda Cohen through the entity 630 E 31st Management LLC the development building (V0) at 628-630 East 31st Street in East Flatbush, Brooklyn. The transfer value was $2.7 million.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Bullpath Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yehuda Cohen purchased one property in one transaction for a total of $5.5 million and sold four properties in four transactions for a total of $14.9 million over the same time period.
The mixed-use building in Harlem has 5,206 square feet of built space and 1,680 square feet of additional air rights for a total buildable of 6,880 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Mount Morris Park Historic District. The city-designated market value for the property in 2022 is $370,000.
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 four DOB violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
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 $938.9 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Harlem has 3.1 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of seven of the 31 commercial properties representing 34,834 square feet of the 136,759 square feet. The largest owner is Reuven Sagi, followed by New York City Department Of Housing Preservation And Development and then Harlem Islamic Center.
There are no active new building construction projects on this tax block.
The majority, or 82 percent of the 136,759 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.
The PincusCo database currently indicates that Yehuda Cohen owned at least 38 commercial properties with 239 residential units in New York City with 215,575 square feet and a city-determined market value of $40.1 million. (Market value is typically about 50% of actual value.) The portfolio has $18.4 million in debt, borrowed from JPMorgan Chase and Spencer Savings Bank. Within the portfolio, the bulk, or 70 percent of the 215,575 square feet of built space are walkup properties, with industrial properties next occupying 18 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.
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