Muneef Alsayedi pays $2M to Elmo Realty for dev site in Harlem

Muneef Alsayedi through the entity 132 W LLC paid $2 million to Elmo Realty through the entity Empire Development Fund 3, LLC for the development building (V1) at 132 West 134th Street in Harlem, Manhattan.
The deal closed on November 29, 2023 and was recorded on December 27, 2023. The property has zero square feet of built space and 10,313 square feet of additional air rights for a total buildable of 10,313 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $193 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 Elmo Realty was Moujan Vahdat. The signatory for Muneef Alsayedi was Muneef M. Alsayedi. The contract date was September 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Muneef M. Alsayedi purchased one property in one transaction for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Elmo Realty had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 30 feet and is 99 feet deep with a total lot size of 2,998 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $156,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2.1 million judgment concerning a rat nuisance filed on June 30, 2022, by City of New York against Jay Paul Ramzy. In addition, according to city public data, the property has received $1,800 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 15-unit, 10,854 square-foot R-2 building. The project was submitted by Wen Zhu and filed by Wen Zhu with plans filed December 7, 2023 and it has not been permitted yet.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.7 times the average sales volume among other neighborhoods with $935.8 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Harlem has 3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 19 of the 34 commercial properties representing 218,230 square feet of the 333,085 square feet. The largest owner is Yechiel Newhouse, followed by West Harlem Group Associates and then Robert Ezrapour.
On the tax block, there were three new building construction projects totaling 31,777 square feet. The largest is a 15-unit, 10,854 square-foot residential (R-2) building submitted by Wen Zhu and filed by Wen Zhu with plans filed December 7, 2023 and it has not been permitted yet. The second largest is a 22-unit, 10,613 square-foot residential (R-2) building submitted by Rona Reodica with plans filed May 7, 2020 and it has not been permitted yet.

The majority, or 94 percent of the 333,085 square feet of built space are walkup buildings, with specialty buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Elmo Realty owned at least three commercial properties with 11 residential units in New York City with 50,506 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $40.4 million in debt, with top three lenders as Metropolitan Commercial Bank, Webster Bank, and PIMCO respectively. Within the portfolio, the bulk, or 82 percent of the 50,506 square feet of built space are M1 properties, with walkup properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Manhattan next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Muneef M. Alsayedi owned at least one commercial property with 24 residential units in New York City with 7,420 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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