Neighborhood Restore pays $74M to Max Irgang for property in Upper Manhattan, Bronx

Mark Irgang sold 14 properties in Upper Manhattan and the Bronx to a nonprofit for $74 million. The 14 properties were sold in individual transactions, laid out below.

Salvatore D’Avola as executive director of the nonprofit Neighborhood Restore Housing Development Fund Corporation through the entity Neighborhood Renewal Housing Development Fund Corp paid Max Irgang’s Irgang Group’s 79 East 125th Street LLC $8.2 million for 79 East 125th Street in Central Harlem. The deal closed on February 4, 2020, and was recorded on February 19, 2020. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 20 residential units. The property is 12,100 square feet. The parcel(s) have total development potential of 16,857 square feet.
The sale price per unit is $412,180..

In 14 separate transactions, Neighborhood Restore purchased 16 properties with 206 units in Harlem and several neighborhoods in the Bronx. A Daily News article said Irgang was going to sell 14 properties to the city as part of a de Blasio plan to phase out homeless cluster housing, and instead convert those units to affordable housing.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 16 residential (or hotel) units on August 27, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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