L+M Development signs development agreement with National Black Theather for property in Central Harlem

L+M Development Partners through the entity 2033 National Black Theatre Way LLC paid L+M Development Partners’s NBT Victory Development LLC $32 million for 2023 5th Avenue in Central Harlem. The deal closed on June 18, 2020, and was recorded on October 6, 2020. L+M was on both sides of the transaction and it’s unclear what the transaction represented.

However, simultaneously with this transaction, L+M signed a co-development agreement with the National Black Theather Workshop with signatory Sade Lythcott, CEO, and also signed a 15-year lease that includes three options to extend the lease by five years for each extension. The last time the property sold was February 15, 2017, when L+M bought it for $15,453,750.

The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4). The property is 58,000 square feet. The parcel(s) have total development potential of 169,938 square feet.
The average sale price per square foot is $188.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $6,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link