Tahari Capital pays $11.8M for 31-unit rental in East Harlem

Tahari Capital through the entity 1875 Lex LLC paid $11.8 million to David Moore through the entity 1875 Lexington LLC for the 31-unit residential elevator building (D7) at 1875 Lexington Avenue at the corner of East 117th Street, in East Harlem, Manhattan. The expected use is cash flowing.
The deal closed on December 30, 2024 and was recorded on January 6, 2025. The property has 29,975 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $393 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 David Moore was David Moore. The signatory for Tahari Capital was Jeremy Tahari. The contract date was June 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Tahari Capital purchased three properties in three transactions for a total of $15.2 million and has no record it sold any properties over the past 24 months.
The seller David Moore had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Moore, head officer and Luis Bivieca, officer. The business entity is 1875 Lexington Llc.

The property

The residential elevator building with 31 residential units in East Harlem has 29,975 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 59 feet and is 100 feet deep with a total lot size of 6,030 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 million. The property has 7 rent regulated units according to city tax records from 2023.

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 $6,620 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 17 of the 47 commercial properties representing 308,887 square feet of the 509,061 square feet. The largest owner is Emerald Equity Group, followed by Myron J. Berman and then Raymond Chakkalo.
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.

The buyer

The PincusCo database currently indicates that Tahari Capital owned at least four commercial properties with 68 residential units in New York City with 49,472 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11.9 million in debt, borrowed from First Bank and Flagstar Bank. Within the portfolio, the bulk, or 83 percent of the 49,472 square feet of built space are walkup properties, with elevator properties next occupying 17 percent of the space. They are all located in Manhattan.

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