New Jersey investor pays $6.35M for two adjacent East Harlem walkups

New Jersey investor Yogini Rathore pays $6.35 million for two adjacent East Harlem walkups including the corner building at 1868 Third Avenue and 1870 Third Avenue in two separate transactions with separate sellers.

In the first, Yogini Rathore through the entity 1868 Third Re LLC paid $3.6 million to Linda Blake through the entity Nelvid Corporation for the retail building (K2) at 1868 Third Avenue in East Harlem, Manhattan.
The deal closed on May 11, 2023 and was recorded on May 22, 2023. The price per buildable square foot is $355 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 Linda Blake was Linda Blake. The signatory for Yogini Rathore was Yogini Rathore.

Yogini Rathore through the entity 1870 Third Re, LLC paid $2.8 million to Sion Dadon through the entity Jaco Associates Inc. for the six-unit retail building (K4) at 1870 Third Avenue in East Harlem, Manhattan. The deal closed on May 12, 2023 and was recorded on May 22, 2023. The price per buildable square foot is $281 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 Sion Dadon was Sion Dadon and Edward Wipper. The signatory for Yogini Rathore was Yogini Rathore.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yogini Rathore had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Linda Blake had not purchased any other properties and had not sold any properties over the same time period. The 1,625-square-foot property generated revenue of $85,069 or $52 per square foot, according to the most recent income and expense figures.

The property

The retail building at 1868 Third Avenue in East Harlem has frontage of 25 feet and is 65 feet deep with a total lot size of 1,684 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $364,000.

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 one DOB violation and $350 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 neighborhood

In East Harlem, The majority, or 51 percent of the 52.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.9 times the average sales volume among other neighborhoods with $682.9 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem has 2.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 35 commercial properties representing 204,074 square feet of the 301,663 square feet. The largest owner is United Management, followed by Omni New York and then Lin Hong Kai.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 301,663 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

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