Lender takes back 13-unit Harlem walkup through $3.8M transfer

The securitized trust Series 2022-C62 by Argentic Investment Management through the entity Wfcm 2022-C62 1835 Amsterdam Avenue LLC, acquired the 13-unit residential walkup building (C7) at 1835 Amsterdam Avenue in Harlem, Manhattan, through a $3.8 million deed-in-lieu of foreclosure. The former owner was Sternhell Holdings through its entity Amsterdam 1835 Holdings LLC. The expected use is to hold for sale
The deal closed on May 16, 2025 and was recorded on May 29, 2025. The property has 11,472 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $331 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 May 19, 2015, for $2.5 million. The signatory for Sternhell Holdings was Eliezer Sternhell. The contract date was May 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Series 2022-C62 had taken back any other properties and has no record it sold any properties over the past 24 months.
The seller Sternhell Holdings 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 Lazer Sternhell, head officer and Ferndando Alfonso, agent. The business entities are Amsterdam 1835 Holdings Llc and Amsterdam 1835 Holding Llc. The 11,472-square-foot property generated revenue of $450,549 or $39 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 13 residential units in Harlem has 11,472 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 2,558 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 $1.3 million. The property has 13 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 $3,350 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 206,948 square feet of the 408,254 square feet. The largest owner is MDG Design + Construction, followed by Nexpoint Advisors and then Icer Properties.
On the tax block, there was one new building construction project filed totaling 14,030 square feet. It is a 20-unit, 14,030 square-foot residential (R-2) building submitted by Matthew Johnson with plans filed March 28, 2017 and permitted October 28, 2020.

The majority, or 68 percent of the 408,254 square feet of built space are elevator buildings, with industrial buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Argentic Investment Management owned at least one commercial property in New York City with 16,649 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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