Prana Investments pays $13M to Lilmor Management for two rentals in Inwood

Prana Investments through the entity 192-208 Nagle Ave. LLC paid $13 million to Lilmor Management through the entity One Nine Deuce Associates LLC for 48-unit rental (C1) at 200 Nagle Avenue in Inwood, Manhattan and 48-unit rental (C1) at 192 Nagle Avenue in Inwood, Manhattan.
The deal closed on October 13, 2021 and was recorded on October 26, 2021.
The two properties have 87,070 square feet of built space and 36,890 square feet of additional air rights for a total buildable of 124,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $149 and the price per buildable square foot is $104 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 Lilmor Management was Morris Lieberman. The signatory for Prana Investments was Richard Herman.

Richard Herman is vice president transactions and asset management at Prana Investments. Rosewood Realty Group’s Aaron Jungreis and Ben Khakshoor brokered the transaction.
The former owners according to the Department of Housing Preservation and Development included Jason Korn, head officer and Danny Duran, site manager. The business entity was One Nine Deuce Associates Llc.

Within a 400-foot radius of 200 Nagle Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $12.1 million. The most recent of the two was Shaul Kopelowitz which borrowed $7.1 million from Peapack-Gladstone Bank secured by the 42,464-square-foot, 48-unit rental (C1) on 184 Nagle Avenue on October 18, 2021.

Direct link to Acris document. link