Nasir Sasouness pays $4.3M for two East Harlem walkups with 49 units

Nasir Sasouness pays $4.3 million to Vincent Garrow for two adjacent walkups at 310-314 East 112th Street in East Harlem, Manhattan, with a total of 49 units, in two separate transactions.

In the first transaction, Nasir Sasouness through the entity Boaz 26 LLC paid $2.15 million to Vincent Garrow through the entity 310-312 E. 112 St. Realty Corp. for the 23-unit residential walkup building (C7) at 310 East 112th Street in East Harlem, Manhattan.
The deal closed on July 13, 2023 and was recorded on July 31, 2023. The property has 19,005 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $113 per the PincusCo analysis.

In the second, Nasir Sasouness through the entity Boaz 26 LLC paid $2.15 million to Vincent Garrow through the entity 314-316 E. 112 St. Realty Corp. for the 26-unit residential walkup building (C7) at 314 East 112th Street in East Harlem, Manhattan. The deal closed on July 13, 2023 and was recorded on July 31, 2023. The property has 16,841 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $127 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 Vincent Garrow was Vincent Garrow. The signatory for Nasir Sasouness was Nasir Sasouness. The contract date was May 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nasir Sasouness purchased one property in one transactions for a total of $6.7 million and has no record it sold any properties over the past 24 months.
The seller Vincent Garrow 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 Vincent Garrow, head officer and Carlos Torres, site manager. The business entity is 310-312 East 112th St Realty Corp. The 19,005-square-foot property generated revenue of $359,231 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 23 residential units in East Harlem has 19,005 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,289 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 $1.2 million.

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 $1,100 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 27 commercial properties representing 187,775 square feet of the 300,591 square feet. The largest owner is William Guerrero, followed by Shai Shustik and then Roy Moussaieff.
On the tax block, there was one new building construction project filed totaling 20,170 square feet. It is a 24-unit, 20,170 square-foot residential (R-2) building submitted by Lukasz Macniak with plans filed September 17, 2015 and permitted July 6, 2018.

The majority, or 46 percent of the 300,591 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Vincent Garrow owned at least two commercial properties with 141 residential units in New York City with 146,600 square feet and a city-determined market value of $11.8 million. (Market value is typically about 50% of actual value.) The portfolio has $23.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 97 percent of the 146,600 square feet of built space are elevator properties, with mixed-use properties next occupying 3 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Nasir Sasouness owned at least two commercial properties with 43 residential units in New York City with 27,014 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 27,014 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. They are all located in Manhattan.

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