Moti Haber pays $16M for 50-unit rental in LES, part of two-building purchase

Mordehy ‘Moti’ Haber through the entity DNY2 153 Norfolk LLC paid $16 million to Ronen Glazer and David Beit-Halachmy through the entity 153-155 Norfolk Street, LLC for the 50-unit residential elevator building (D1) at 153 Norfolk Street in the Lower East Side, Manhattan.
The deal closed on March 21, 2023 and was recorded on March 29, 2023. The property has 22,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $711 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 January 13, 2005, for $7.2 million. The signatory for Ronen Glazer and David Beit-Halachmy was Ronen Glazer. The signatory for Mordehy Haber was David R. Mashaal. Mordehy ‘Moti’ Haber also purchased 111 Ludlow Street, but the sale has not yet been recorded. Haber borrowed $15 million secured by both properties.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mordehy Haber purchased eight properties in seven transactions for a total of $43.2 million and has no record he sold any properties over the past 24 months.
The seller Ronen Glazer 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 Magdalena Kosz, head officer and Robert Gordon, agent. The business entities are AJ Clarke and 153-155 Norfolk St. LLC. The 22,500-square-foot property generated revenue of $1.1 million or $49 per square foot, according to the most recent income and expense figures.

The property

The 153/155 Norfolk Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. 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 $5.4 million.The most recent loan totaled $15 million and was provided by Israel Discount Bank on March 22, 2023.

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 $1,250 in ECB penalties, 22 housing violations, and $1,650 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 16 commercial properties representing 307,666 square feet of the 391,884 square feet. The largest owner is Ron Glazer, followed by L+M Development Partners and then City of New York.
On the tax block, there were two new building construction projects totaling 62,965 square feet. The largest is a 93-unit, 55,723-square-foot R-2 building developed by Joseph Ferrara with plans filed February 27, 2017 and permitted August 6, 2018. The second largest is a six-unit, 7,242-square-foot R-2 building developed by Brian Hamburger with plans filed November 22, 2013 and it has not been permitted yet.

The majority, or 49 percent of the 385,443 square feet of built space are specialty buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Ronen Glazer owned at least two commercial properties in New York City with 39,312 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Santander Bank. Within the portfolio, the bulk, or 57 percent of the 39,312 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that David Beit-Halachmy owned at least two commercial properties in New York City with 39,312 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 39,312 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Mordehy Haber owned at least eight commercial properties in New York City with 71,920 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $23.7 million in debt, borrowed from Israel Discount Bank and Webster Bank. Within the portfolio, the bulk, or 70 percent of the 71,920 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. They are all located in Manhattan.

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