Moti Haber pays $9.8M for 2 walkups in Lenox Hill

Moti Haber through the entity Dny1 434-436 E. 76th LLC paid $9.8 million to David Harounian, Bita Sassouni, and Hercil Harounian through the entity Hdeki LLC (and others) for the 20-unit walkup building (C4) at 434 East 76th Street and the 19-unit residential walkup building (C4) at 436 East 76th Street in Lenox Hill, Manhattan. Moti Haber often signs documents using the name Mordehy Haber.
The deal closed on February 13, 2023 and was recorded on February 27, 2023. The two properties have 19,275 square feet of built space and 1,149 square feet of additional air rights for a total buildable of 20,440 square feet according to PincusCo analysis of city data. The sale price per built square foot is $505 and the price per buildable square foot is $477 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 David Harounian, Bita Sassouni, and Hercil Harounian was David Harounian, Bita Sassouni, and Hercil Harounian. The signatory for Mordehy Haber was David R. Mashaal.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 434 East 76th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mordehy Haber purchased six properties in six transactions for a total of $33.4 million and has no record it sold any properties over the past 24 months.
The seller David Harounian 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 Bita Sassouni, head officer and David Harounian, officer. The business entity is First York Properties Llc. The two properties with a total of 19,275 square feet of built space generated revenue of $890,793 per year or $46 per square foot. The sale price per square foot was $506.

The property

The 434 East 76th 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 $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations 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 the tax block of 434 East 76th Street, PincusCo has identified the owners of 12 of the 34 commercial properties representing 146,697 square feet of the 455,201 square feet. The largest owner is Vito Mazzarino, followed by Tissa Management and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 446,273 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Mordehy Haber owned at least six commercial properties in New York City with 52,645 square feet and a city-determined market value of $8.9 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 59 percent of the 52,645 square feet of built space are walkup properties, with elevator properties next occupying 41 percent of the space. They are all located in Manhattan.

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