Nonprofit pays $4.3M for 6-unit walkup in Harlem

The nonprofit Ali Forney Center through the entity 337 Convent Housing Development Fund Corporation paid $4.3 million to Adam Zoia through the entity JMW Convent LLC for the six-unit residential walkup building (C2) at 337 Convent Avenue in Harlem, Manhattan.
The deal closed on June 26, 2024 and was recorded on July 5, 2024. The property has 3,920 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,096 and the price per buildable square foot is $716 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 seller bought the property on March 1, 2016, for $4 million. The signatory for Adam D. Zoia was Raquel Ziegler. The signatory for Ali Forney Center was Alexander Roque. The contract date was June 13, 2024. Ali Forney Center is a nonprofit with a mission to assist LGBTQ youth with homeless and housing services.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ali Forney Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adam D. Zoia had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Adam Zoia, head officer. The business entity is Jmw Convent Llc.

The property

The residential walkup building with 6 residential units in Harlem has 3,920 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Hamilton Heights Historic District. The city-designated market value for the property in 2022 is $658,000.

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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 40 commercial properties representing 266,574 square feet of the 558,655 square feet. The largest owner is Scharfman Organization, followed by Namdar Realty Group and then Leroy Bess.
On the tax block, there was one new building construction project filed totaling 27,509 square feet. It is a 27,509 square-foot educational (E) building submitted by Leonard Smith with plans filed November 26, 2019 and permitted December 10, 2020.

The majority, or 57 percent of the 558,655 square feet of built space are elevator buildings, with specialty buildings next occupying 19 percent of the space.

Direct link to Acris document. link