Moti Haber pays $8.8M for 24-unit walkup in Lower East Side
Mordehy ‘Moti’ Haber through the entity Dny2 109 Ludlow LLC paid $8.8 million to Ronen Glazer’s 109-111 Ludlow Street, LLC for the 24-unit residential walkup building (C7) at 109-111 Ludlow Street in Lower East Side, Manhattan.
The deal closed on March 21, 2023 and was recorded on April 3, 2023. The property has 16,812 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $523 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 August 18, 2004, for $4.9 million.
Prior sales and revenue
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 Re Corp and 109-111 Ludlow Street, Llc. The 16,812-square-foot property generated revenue of $938,601 or $56 per square foot, according to the most recent income and expense figures.
The property
The parcel has frontage of 40 feet and is 88 feet deep with a total lot size of 3,564 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.8 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 for the past 24 months. In addition, according to city public data, the property has received $775 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on November 27, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 14 of the 44 commercial properties representing 177,470 square feet of the 724,226 square feet. The largest owner is Atkins & Breskin, followed by Baruch Singer and then Better Living Properties.
There are no active new building construction projects on this tax block.
The majority, or 33 percent of the 609,829 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.
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