Platinum Realty pays $5.4M for three mixed-use properties in East Harlem

Platinum Realty Associates through the entity 251 Troy Ave LLC paid $5.4 million to Levi Corp. for the three-unit mixed-use building (K4) at 149 East 116th Street, the two-unit mixed-use building (K4) at 151 East 116th Street, and the two-unit mixed-use building (K4) at 1873 Lexington Avenue, all in East Harlem, Manhattan. The expected use is cash flowing.
The deal closed on April 8, 2025 and was recorded on April 16, 2025. The three properties have 12,415 square feet of built space and 21,552 square feet of additional air rights for a total buildable of 33,982 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $437 and the price per buildable square foot is $159 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 the seller was Lisa Barreiro. The signatory for Platinum Realty Associates was David Koptiev . The contract date was February 7, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 149 East 116th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased 10 properties in nine transactions for a total of $39.4 million and sold three properties in two transactions for a total of $10 million over the past 24 months.
The seller Lisa Barreiro had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, two with a total of 12,415 square feet of built space generated revenue of $284,286 per year.

The property

The mixed-use building with 3 residential units in East Harlem has 12,415 square feet of built space and 21,552 square feet of additional air rights for a total buildable of 33,982 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 80 feet deep with a total lot size of 1,360 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $557,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $300 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 52.4 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 2.2 times the average sales volume among other neighborhoods with $589.2 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, East Harlem has 1.8 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 2.1 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 149 East 116th Street, PincusCo has identified the owners of 18 of the 47 commercial properties representing 338,862 square feet of the 509,061 square feet. The largest owner is Emerald Equity Group, followed by Myron J. Berman and then Raymond Chakkalo.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 509,061 square feet of built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 86 commercial properties with 53 residential units in New York City with 522,945 square feet and a city-determined market value of $113.7 million. (Market value is typically about 50% of actual value.) The portfolio has $54.2 million in debt, with top three lenders as Signature Bank, First National Bank of Long Island, and Customers Bank respectively. Within the portfolio, the bulk, or 69 percent of the 522,945 square feet of built space are retail properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.

Direct link to Acris document. link