L+M Development pays $24M to Sharp Management for rental in East Harlem

L+M Development Partners through the entity Revive 103 Housing Development Fund Corporation paid $24 million to Sharp Management through the entity Revive 103 Associates L.P. for 60-unit rental (D1) at 160 East 103rd Street in East Harlem, Manhattan.
The deal closed on December 3, 2021 and was recorded on December 14, 2021.
The property has 65,019 square feet of built space and 16,228 square feet of additional air rights for a total buildable of 81,141 square feet according to PincusCo analysis of city data. The sale price per built square foot is $369 and the price per buildable square foot is $295 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 Sharp Management was Martin Kirzner. The signatory for L+M Development Partners was Eben Ellertson.

Eben Ellertson is Head of Fund Management and Partner at L+M Development Partners.
The former owners according to the Department of Housing Preservation and Development included Martin Kirzner, head officer and Abe Lipman, agent. The business entity is Revive 103 Associates Lp.

Within a 400-foot radius of 160 East 103rd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $4 million. The most recent of these two items was the filing on May 10, 2021 for a 3,938-square-foot B building with two residential units at 1880 3rd Avenue.
One of those four items was a sale which Nicolas Lopez and Denise Espinal bought two condo units in the 44-unit mixed-use building (RM) on 1635 Lexington Avenue and one other property for $8 million from Euripides Reynoso on January 30, 2020.
One of those four items was a loan which Leon Goldenberg borrowed $6.3 million from Signature Bank secured by the 6,540-square-foot, eight-unit mixed-use building (S9) on 1633 Lexington Avenue and two other properties on January 31, 2020.

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