Regal Acquisitions pays $10M to REEC for master lease on new building in Central Harlem

Regal Acquisitions through the entity Regal 286 Lenox LLC paid Brandon Miller’s Real Estate Equities Corporation’s REEC 286 Lenox LLC $10.2 million for a 99-year master lease on 286 Lenox Avenue in Central Harlem. The deal closed on March 13, 2020, and was recorded on April 1, 2020. The transaction consists of 1 parcel that was issued its initial TCO May 31, 2019.
The average sale price per square foot is $611.

REEC as tenant originally signed the 99-year ground lease with Ricky Edwards as landlord in May 2016, which was valued at $4.8 million. The lease commenced on August 1, 2016 and rent payments began November 1, 2016.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $665,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $467,500.There has been one new building permit application totaling 15,012 square feet. There has been one demolition project filed for the parcels over the past five years. The demolition included 13 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link