Tahari, RockSolid, Jake Croman pay $2.5M for 33-unit walkup in East Harlem

Tahari Capital, RockSolid Ventures, and Jake Croman through the entity 323 E 108 LLC paid $2.5 million to Dante Cappi through the entity Fgp 323 LLC for the 33-unit residential walkup building (C7) at 323 East 108th Street in East Harlem, Manhattan. The expected use is cash flowing.
The deal closed on October 22, 2024 and was recorded on October 29, 2024. The property has 22,596 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $112 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 Dante Cappi was Dante Cappi. The signatory for Tahari Capital, RockSolid Ventures, and Jake Croman was Elie Tahari. The contract date was August 23, 2024. Traded NY reported the broker was Jordan Sutton of Cushman & Wakefield, and the buyers included Jeremey Tahari of Tahari Capital, Adam Croman of RockSolid Ventures, Jake Croman of Centennial Properties.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Tahari Capital purchased two properties in two transactions for a total of $12.7 million and has no record it sold any properties over the past 24 months.
The seller Dante Cappi 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 Dante Cappi, individual owner and Edel Vasquez, site manager.

The property

The residential walkup building with 33 residential units in East Harlem has 22,596 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,046 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million. The property has 33 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 one DOB violation and two housing violations 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 13 of the 22 commercial properties representing 221,664 square feet of the 316,182 square feet. The largest owner is Ron Glazer, followed by Moujan Vahdat and then Croman Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 316,182 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Dante Cappi owned at least three commercial properties with 44 residential units in New York City with 30,639 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link