Mohamad Farran pays $4.3M for two walkups in East Harlem
Mohamad Farran through the entity Project 310-312 East 105th St LLC paid $4.3 million to Thomas Noto through the entity 312 East 105 Street Realty LLC for the eight-unit residential walkup building (C4) at 312 East 105th Street in East Harlem, Manhattan and eight-unit residential walkup building (C1) at 310 East 105th Street in East Harlem, Manhattan.
The deal closed on February 20, 2024 and was recorded on February 23, 2024. The two properties have 12,052 square feet of built space and 7,877 square feet of additional air rights for a total buildable of 19,944 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $356 and the price per buildable square foot is $215 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 Thomas Noto was Thomas R. Noto. The signatory for Mohamad Farran was Mohamad Farran. The contract date was November 14, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Mohamad Farran had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Thomas Noto had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Thomas Noto, head officer and Neil Mansukhani, officer. The business entity is 312 E 105 St Realty Llc.
The property
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 $768,000.
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 received one DOB violation, 33 housing violations, and $930 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 the tax block of 312 East 105th Street, PincusCo has identified the owners of 21 of the 34 commercial properties representing 255,057 square feet of the 344,536 square feet. The largest owner is William Guerrero, followed by Thomas Noto and then Roni Abudi.
There are no active new building construction projects on this tax block.
The majority, or 38 percent of the 344,536 square feet of built space are walkup buildings, with hotel buildings next occupying 29 percent of the space.
The seller
The PincusCo database currently indicates that Thomas Noto owned at least two commercial properties with 16 residential units in New York City with 12,052 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.
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