Shulem Herman pays $10M to Riverbrook Equities for hotel property in Ocean Hill

Shulem Herman through the entity 1412 Pitkin LLC paid Abe Mendel’s Riverbrook Equities’s Pitkin Hospitality Management Ny LLC $10 million for 1412 Pitkin Avenue in Ocean Hill. The deal closed on March 4, 2020, and was recorded on March 23, 2020. The transaction consists of 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3). The property is 19,416 square feet. The parcel(s) have total development potential of 19,416 square feet.
The average sale price per square foot is $515.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 48 residential (or hotel) units on August 27, 2015.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link