Maurice Kohan pays $5.7M for three rentals in Harlem
Maurice Kohan of 111 Enterprises Group LLC paid $5.7 million to West 111th Street Rehab Associates L.P. for the 18-unit property at 204 West 111th Street, the 18-unit property at 208 West 111th Street, and the 18-unit property at 240 West 111th Street, in Harlem, Manhattan.
The deal closed on March 28, 2024 and was recorded on April 12, 2024. The three properties have 43,554 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $129 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 the seller was Layne Reznick.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 204 West 111th St.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Layne Reznick, head officer and Jonathan Poole, officer. The business entities are Abc Realty and West 111th Street Rehab Associates, Lp.
The property
The parcel has a total lot size of 14,532 square feet. The property has a J-51 exemption that started in 1992 and expires in 2026. The city-designated market value for the property in 2022 is $1.1 million.
The parcel has a total lot size of 14,532 square feet. The property has a J-51 exemption that started in 1993 and expires in 2027. The city-designated market value for the property in 2022 is $1.1 million.
The parcel has a total lot size of 14,490 square feet. The property has a J-51 exemption that started in 1993 and expires in 2027. The city-designated market value for the property in 2022 is $994,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 the tax block of 204 West 111th St, PincusCo has identified the owners of three of the 11 commercial properties representing 204,508 square feet of the 382,122 square feet. The largest owner is L+M Development Partners, followed by Morris Schreiber and then Related Companies.
There are no active new building construction projects on this tax block.
The majority, or 83 percent of the 382,122 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.
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