Prana Investments pays $3.2M for 20-unit rental in Harlem

Prana Investments through the entity 426 St. Nicholas Ave. LLC paid $3.2 million to Charles Glasgow through the entity C.E. Glasgow Properties, LLC for 20-unit rental (C4) at 426 St Nicholas Avenue in Harlem, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 22, 2021.
The property has 9,980 square feet of built space and 8,453 square feet of additional air rights for a total buildable of 18,439 square feet according to PincusCo analysis of city data. The sale price per built square foot is $323 and the price per buildable square foot is $174 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 8, 2004, for $1.2 million.
The signatory for Charles Glasgow was Charles Glasgow. The signatory for Prana Investments was Richard Herman.

The former owners according to the Department of Housing Preservation and Development included Charles Glasgow, head officer and Yolette Glasgow, shareholder. The business entity was C.E.Glasgow Properties, LLC.

Within a 400-foot radius of 426 St Nicholas Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on November 17, 2021 for a 321,285-square-foot R-2 building with six residential units at 2443 Frederick Douglas Boulevard.
Of those four items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially costed $1.1 million. The most recent of these two items was the temporary certificate of occupancy on December 18, 2020 for a 3,346-square-foot R-2 building with six residential units at 263 West 131st Street.
One of those four items was a loan which Coltown Properties borrowed $48 million from Berkadia secured by the 336,334-square-foot, 315-unit rental (D7) on 410 St Nicholas Avenue on November 9, 2021.

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