MDG Design + Construction pays $5.9M for 16-unit walkup in Harlem

MDG Design + Construction through the entity 508 West 134th Street Hdfc paid $5.9 million to Restoring Communities Hdfc for the 16-unit residential walkup building (C1) at 508 West 134th Street in Harlem, Manhattan.
The deal closed on November 30, 2022 and was recorded on December 19, 2022. The property has 13,765 square feet of built space and 2,238 square feet of additional air rights for a total buildable of 15,988 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $430 and the price per buildable square foot is $370 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Yarizell Contreras, site manager. The business entities are Concord Management Of Ny Llc and Restoring Communities Hdfc.

The property

The parcel has frontage of 40 feet and is 99 feet deep with a total lot size of 3,997 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 $2 million.

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 13 housing violations and $50 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 seven of the 18 commercial properties representing 198,832 square feet of the 427,558 square feet. The largest owner is Columbia University, followed by New York City Housing Authority and then City Skyline Realty.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 427,558 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

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