Project FIND pays $5.2M for dev site in East Harlem

Project FIND through the entity PF 123rd Street LLC paid $5.2 million to Rivka Frieman-Platt through the entity Pl 123 Realty Group LLC for the vacant lots (G7) at 104 and 106 East 123rd Street in East Harlem, Manhattan. The expected use is ground up development.
The deal closed on February 13, 2025 and was recorded on March 10, 2025. The two properties have zero square feet of built space and 40,360 square feet of additional air rights for a total buildable of 40,360 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $130 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 Rivka Frieman-Platt was Rivka Frieman-Platt. The signatory for Project FIND was Mark Jennings. The contract date was December 19, 2024.

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 106 East 123rd Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Project FIND had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rivka Frieman-Platt had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,018 square feet. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $706,000.

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 $16,950 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 $580.2 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, East Harlem has 1.9 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.

The block

On the tax block of 106 East 123rd Street, PincusCo has identified the owners of 10 of the 31 commercial properties representing 203,448 square feet of the 287,124 square feet. The largest owner is Vitus Group, followed by Monadnock Development and then Atkins & Breskin.
On the tax block, there were two new building construction projects totaling 96,392 square feet. The largest is a 69-unit, 50,614 square-foot residential (R-2) building submitted by Roy Moussaieff and filed by Roy Moussaieff with plans filed February 8, 2019 and it has not been permitted yet. The second largest is a 47-unit, 45,778 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed January 24, 2024 and permitted August 21, 2024.

The majority, or 52 percent of the 287,124 square feet of built space are elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

Direct link to Acris document. link