RCM Group pays $9.2M for likely dev site in Harlem

RCM Group through the entity 264 West 135 Residence LLC paid $9.2 million to Tamar Ofer and Zoe Ofer through the entity 266 West 135th Lotus LLC for the retail building (K1) at 266-272 West 135th Street and the specialty building (M1) at 262-264 West 135th Street in Harlem, Manhattan. The expected use is ground up development.
On one of these lots, 264 West 135th Street there was a new building construction project, 121204865, for a 17-unit, 13,157 square-foot residential (R-2). The project was submitted by Yaniv Garbo with plans filed February 26, 2019 and it has not been permitted yet.
The deal closed on June 4, 2025 and was recorded on June 10, 2025. The two properties have 11,588 square feet of built space and 32,755 square feet of additional air rights for a total buildable of 44,341 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $798 and the price per buildable square foot is $208 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 Tamar Ofer and Zoe Ofer was Tamar Ofer. The signatory for RCM Group was Beniamin Sadykov . The contract date was April 24, 2025. RCM Group applied to demolish one of the buildings recently.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer RCM Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tamar Ofer had not purchased any other properties and had not sold any properties over the same time period.

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 two DOB violations and $6,690 in OATH penalties in the last year.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.9 times the average sales volume among other neighborhoods with $787.4 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Harlem has 3.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 266-272 West 135th Street, PincusCo has identified the owners of 15 of the 30 commercial properties representing 146,175 square feet of the 280,967 square feet. The largest owner is New York Police Department, followed by Greater Harlem Housing Development and then Michael Aryeh.
On the tax block, there was one new building construction project filed totaling 13,157 square feet. It is a 17-unit, 13,157 square-foot residential (R-2) building submitted by Yaniv Garbo with plans filed February 26, 2019 and it has not been permitted yet.

The majority, or 44 percent of the 280,967 square feet of built space are walkup buildings, with specialty buildings next occupying 40 percent of the space.

The buyer

The PincusCo database currently indicates that Rcm Group owned at least two commercial properties in New York City with 11,588 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 86 percent of the 11,588 square feet of built space are retail properties, with M1 properties next occupying 14 percent of the space. They are all located in Manhattan.

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