M. Haber, D. Friedman pay $6M to Lemles for 20-unit walkup in Yorkville
Mordehy “Moti” Haber and Dore Friedman through the entity Dny1 83rd LLC paid $6 million to J. Stuart Lemle, Russell Lemle, and L. Craig Lemle through the entity Lehigh 83, LLC for 20-unit residential walkup building at 319 East 83rd Street in Yorkville, Manhattan.
The deal closed on February 8, 2022 and was recorded on February 23, 2022.
This is the second transaction from the sellers. On January 25, 2022, they sold several walkups to L3C Capital Partners for $24.2 million, as PincusCo previously reported.
Mordehy Haber and Dore Friedman have purchased at least four other properties in Manhattan for a total of $23 million, in September and December of 2021.
The property has 9,880 square feet of built space and 332 square feet of additional air rights for a total buildable of 10,216 square feet according to PincusCo analysis of city data. The sale price per built square foot is $607 and the price per buildable square foot is $587 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 J. Stuart Lemle, Russell Lemle, and L. Craig Lemle was J. Stuart Lemle, Russell Lemle, and L. Craig Lemle. The signatory for Mordehy “Moti” Haber and Dore Friedman was David R. Marshaal.
The 9,880-square-foot property generated revenue of $391,050 or $40 per square foot, according to the most recent income and expense figures.
Mordehy Haber and Dore Friedman signed a loan for similarly named DNY1 53rd LLC, DNY191st LLC and with DNY1 66th LLC. The previous loans and the acquisition loan for this property were all with Israel Discount Bank. According to some records, Haber is associated with the buyer LLC. His LinkedIn page shoes he is self employed.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 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.
On the tax block, the majority, or 71 percent of the 879,965 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Craig Lemle, head officer and Steve Brecker, officer. The business entities were Douglas Elliman Property Management and Lembeck, Llc-Series 1.
Within a 400-foot radius of 319 East 83rd Street, Pincusco identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on October 1, 2021 for a 84,266-square-foot R-2 building with 70 residential units at 300 East 83rd Street.
Of those 15 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $350,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $2.2 million. The most recent of these three items was the filing on December 30, 2021 for a 8,614-square-foot RES building with 17 residential units at 336 East 82nd Street.
Of those 15 items, two were sales above $5 million totaling $19.2 million. The most recent of the two was Lockhill Properties which bought the 16,840-square-foot, 20-unit rental (C1) on 324 East 84th Street for $9 million from Eric Taube and Jack Deutsch on February 14, 2022.
Of those 15 items, eight were loans above $5 million totaling $145.7 million. The most recent of the eight was Roxann Management which borrowed $47 million from KeyBank secured by one condo unit in the 13,080-square-foot, 15-unit mixed-use building (RM) on 1628 2nd Avenue and 11 other properties on February 4, 2022.
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