Samuel Strauss pays $2.1M to Daniel Group for 9-unit walkup in Harlem

Samuel Strauss through the entity SWGC, LLC paid $2.1 million to the Daniel Group through the entity Lenox NY LLC for the nine-unit residential walkup building (C4) at 117 West 111th Street in Harlem, Manhattan.
The deal closed on February 2, 2023 and was recorded on February 7, 2023. The property has 4,335 square feet of built space and 878 square feet of additional air rights for a total buildable of 5,208 square feet according to PincusCo analysis of city data. The sale price per built square foot is $487 and the price per buildable square foot is $406 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 February 12, 2014, for $1.1 million. The signatory for Daniel Group was Ilan Cohen. The Daniel Group provided seller financing.

Prior sales and revenue

The seller Daniel Group purchased one property in one transaction for a total of $6.7 million and sold one property in one transaction for a total of $8.9 million over the past 24 months. The former owners according to the Department of Housing Preservation and Development includes Joseph Cohen, head officer and George Carrasco, site manager. The business entity is Lenox Ny Llc. The 4,335-square-foot property generated revenue of $88,954 or $21 per square foot, according to the most recent income and expense figures.

The property

The 117 West 111th Street parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,514 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $643,000.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 25 commercial properties representing 187,490 square feet of the 406,392 square feet. The largest owner is Sugar Hill Capital Partners, followed by Shai Shustik and then Kash Group.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 406,392 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Daniel Group owned at least 23 commercial properties in New York City with 284,253 square feet and a city-determined market value of $51.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 284,253 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 34 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.

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