Mona Darwish pays $2.7M for 5-unit walkup in Harlem

Mona Darwish paid $2.7 million to Michael Mosiello through the entity 471 W140th Street LLC for the five-unit residential walkup building (C2) at 471 West 140th Street in Harlem, Manhattan.
The deal closed on March 20, 2023 and was recorded on March 30, 2023. The property has 3,888 square feet of built space and 1,511 square feet of additional air rights for a total buildable of 5,397 square feet according to PincusCo analysis of city data. The sale price per built square foot is $694 and the price per buildable square foot is $500 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 seller bought the property on December 19, 2013, for $1.7 million. The signatory for Michael Mosiello was Michael Mosiello. The signatory for Mona Darwish was Mona Darwish.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mona Darwish purchased one property in one transaction for a total of $2.2 million and sold one property in one transaction for a total of $2.6 million over the past 24 months.
The seller Michael Mosiello had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Louis Calderone, head officer. The business entity is 471 W140th Street, Llc.

The property

The 471 West 140th Street parcel has frontage of 18 feet and is 99 feet deep with a total lot size of 1,799 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Hamilton Heights Historic District. The city-designated market value for the property in 2022 is $843,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two housing violations and $450 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 128,863 square feet of the 157,278 square feet. The largest owner is Scharfman Organization, followed by Louis Calderone and then Kurt Rosenfeld.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 157,278 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Mona Darwish owned at least one commercial property in New York City with 3,000 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B1 property. It is located in Manhattan.

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