Mordehy “Moti” Haber pays $5.1M to Marin Management for 20-unit walkup in Lenox Hill

Mordehy “Moti” Haber through the entity Dny1 324-326 74th LLC paid $5.1 million to Marin Management through the entity 326 Associates #1, LLC for 20-unit residential walkup building (C4) at 326 East 74th Street in Lenox Hill, Manhattan.
The deal closed on July 7, 2022 and was recorded on August 9, 2022. The property has 5,516 square feet of built space and 4,699 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 $930 and the price per buildable square foot is $502 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 attorney David Mashaal.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Mordehy Haber purchased five properties in five transactions for a total of $28.3 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 11 properties in four transactions for a total of $22.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development include Rose Nigro, head officer and Martin Hollander, officer. The business entities are Marin Management Corp and 326 Street Associates 1 Llc. The 5,516-square-foot property generated revenue of $396,522 or $72 per square foot, according to the most recent income and expense figures.

The property

The 326 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 $1.9 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 $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 $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 53 percent of the 240,100 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Marin Management owned at least 31 commercial properties in New York City with 454,405 square feet and a city-determined market value of $111.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 454,405 square feet of built space are walkup properties, with elevator properties next occupying 22 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Brooklyn next at 33 percent of the space.

The buyer

The PincusCo database currently indicates that Mordehy Haber owned at least five commercial properties in New York City with 47,129 square feet and a city-determined market value of $7.1 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 54 percent of the 47,129 square feet of built space are walkup properties, with elevator properties next occupying 46 percent of the space. They are all located in Manhattan.

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