Srinivasa Rao Tummalapenta pays $3M for mixed-use in East Harlem

Srinivasa Rao Tummalapenta through the entity NYC Harlem Realty LLC paid $3 million to Abraham Abadie and Menachem Mitnick through the entity 147 E 116 Gideon Ams LLC for the four-unit mixed-use building (S9) at 147 East 116th Street in East Harlem, Manhattan.
The deal closed on February 23, 2024 and was recorded on March 7, 2024. The property has 3,570 square feet of built space and 6,645 square feet of additional air rights for a total buildable of 10,219 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $854 and the price per buildable square foot is $298 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 March 30, 2015, for $1.9 million. The signatory for Abraham Abadie and Menachem Mitnick was Daniel Rothman. The signatory for Srinivasa Rao Tummalapenta was Srinivasa Rao Tummalapenta. The contract date was November 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Srinivasa Rao Tummalapenta had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abraham Abadie had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 4 residential units in East Harlem has 3,570 square feet of built space and 6,645 square feet of additional air rights for a total buildable of 10,219 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 80 feet deep with a total lot size of 1,359 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $763,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $18,840 in ECB penalties, and $18,940 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on October 3, 2018. 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 52.3 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 1.4 times the average sales volume among other neighborhoods with $413.1 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, East Harlem has 1.9 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 47 commercial properties representing 243,061 square feet of the 509,061 square feet. The largest owner is Raymond Chakkalo, followed by Nuevo El Barrio Para La Rehabilitacion De La Vivienda Y La Economia, Inc. and then Nathan Benelyahou.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 509,061 square feet of built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space.

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