Mordehy Haber pays $5.3M to Marin Management for 20-unit walkup in Lenox Hill

Mordehy “Moti” Haber through the entity Dny1 324-326 74th LLC paid $5.3 million to Marin Management through the entity East 74th Street Realty Associates #1, LLC for the 20-unit residential walkup building (C5) at 324 East 74th Street in Lenox Hill, Manhattan.
The deal closed on July 7, 2022 and was recorded on July 15, 2022. The property has 8,395 square feet of built space and 1,813 square feet of additional air rights for a total buildable of 10,216 square feet according to PincusCo analysis of city data. The sale price per built square foot is $629 and the price per buildable square foot is $517 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 Marin Management was Martin Hollander and Justin Hollander. The signatory for Mordehy Haber was Moti Haber.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Mordehy Haber purchased four properties in four transactions for a total of $23 million and has no record it sold any properties over the past 24 months.
The seller Marin Management had not purchased any other properties and sold nine properties in two transactions for a total of $11.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Martin Hollander, head officer and Rose Nigro, officer. The business entities are Martin Management Corporation and East 74th Street Realty Associates 1 Llc. The 8,395-square-foot property generated revenue of $376,227 or $45 per square foot, according to the most recent income and expense figures.

The property

The 324 East 74th Street parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

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 $200 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 12 of the 19 commercial properties representing 140,934 square feet of the 240,100 square feet. The largest owner is Scharfman Organization, followed by Caiola family and then Hubb NYC. There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 813,096 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Marin Management owned at least 33 commercial properties in New York City with 472,095 square feet and a city-determined market value of $114.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 472,095 square feet of built space are walkup properties, with elevator properties next occupying 21 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Mordehy Haber owned at least four commercial properties in New York City with 38,734 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) The portfolio has $13.1 million in debt, borrowed from Israel Discount Bank. Within the portfolio, the bulk, or 55 percent of the 38,734 square feet of built space are elevator properties, with walkup properties next occupying 45 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link