Mordehy “Moti” Haber pays $5.9M to Marin Management for 20-unit walkup in Yorkville

Mordehy “Moti” Haber through the entity Dny1 421 80th LLC paid $5.9 million to Marin Management through the entity East 80th Street Associates #1, LLC for 20-unit residential walkup building (C1) at 421 East 80th Street in Yorkville, Manhattan.
The deal closed on July 7, 2022 and was recorded on August 1, 2022. The property has 9,295 square feet of built space and 919 square feet of additional air rights for a total buildable of 10,220 square feet according to PincusCo analysis of city data. The sale price per built square foot is $632 and the price per buildable square foot is $575 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 “Moti” Haber was David Mashaal.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mordehy Haber purchased at least five properties 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 10 properties in three transactions for a total of $16.9 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 Marin Management Corp. and East 80th Street Associates 1 Llc. The 9,295-square-foot property generated revenue of $395,989 or $43 per square foot, according to the most recent income and expense figures.

The property

The 421 East 80th Street parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,555 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 11 of the 24 commercial properties representing 688,678 square feet of the 823,612 square feet. The largest owner is Jack Resnick & Sons, followed by Feil Organization and then Rita Kalimian Sakhaie. There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 823,612 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Marin Management owned at least 32 commercial properties in New York City with 463,700 square feet and a city-determined market value of $113.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 463,700 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.

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