Mitterrand Properties pays $2.2M to Urban Standard Capital for dev site in East Harlem

Mitterrand Properties through the entity Harlem Madison Ave, LLC paid $2.2 million through a REO-sale to Urban Standard Capital through the entity USC 1994 Madison LLC for the development site (V1) at 1994 Madison Avenue, at the corner of East 127th Street, in East Harlem, Manhattan. The expected use is ground up development.
Mitterrand Properties, led by Mael Mitterrand, bought the parcel all-cash, and plans to develop a residential condominium building on the lot.
The deal closed on July 11, 2025 and was recorded on July 15, 2025. The property has zero square feet of built space and 13,988 square feet of additional air rights for a total buildable of 13,988 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $157 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 Urban Standard Capital was Seth Weissman . The contract date was May 15, 2025.

Urban Standard Capital was previously the debt holder on the property, after buying, in 2019, a loan originated in 2015 with an original principal of $2 million. The borrower in 2015 was Mylene Liggett, who ultimately lost the property to Urban Standard Capital in a foreclosure case, 850015/2017. The property was transferred to Urban Standard Capital on February 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mitterrand Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Urban Standard Capital purchased five properties in four transactions for a total of $7.8 million and sold one property in one transaction for a total of $2.3 million over the same time period.

The property

The parcel has frontage of 99 feet and is 35 feet deep with a total lot size of 3,497 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 $826,000.

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 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 neighborhood

In East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.8 times the average sales volume among other neighborhoods with $496 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Harlem has 1.6 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.2 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.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 283,010 square feet of the 359,478 square feet. The largest owner is City Of New York, followed by Ny Residential Works and then Hodgson Russ Registered.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 359,478 square feet of built space are specialty buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Urban Standard Capital owned at least 10 commercial properties with 88 residential units in New York City with 42,753 square feet and a city-determined market value of $12.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 42,753 square feet of built space are walkup properties, with mixed-use properties next occupying 40 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 15 percent of the space.

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