Timber Equities pays $2.4M for dev site in Harlem

Timber Equities through the entity 2460 Fdb Lp paid $2.4 million to the entity 273 W 131 LLC with signatory Neil Fink for a vacant parcel at 2460 Frederick Douglass Boulevard in Manhattan.
The deal closed on November 18, 2022 and was recorded on November 30, 2022. The property has zero square feet of built space.
The signatory for Timber Equities was Joseph Seidenfeld.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Timber Equities had purchased any other properties and has no record it sold any properties over the past 24 months.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,250 in ECB penalties in the last year.

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 six of the 33 commercial properties representing 109,490 square feet of the 203,036 square feet. The largest owner is Shaul Kopelowitz, followed by Black Spruce Management and then New York City Department of Housing Preservation and Development.
On the tax block, there was one new building construction project filed totaling 58,075 square feet. It is a 52-unit, 58,075-square-foot R-2 building developed by Michel Perle with plans filed February 28, 2022 and permitted June 1, 2022.

The majority, or 68 percent of the 203,036 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 Neil Fink owned at least four commercial properties in New York City with 155,976 square feet and a city-determined market value of $7.6 million. (Market value is typically about 50% of actual value.) The portfolio has $31.8 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 60 percent of the 155,976 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 70 percent of the built space, is in Bronx, with Manhattan next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Timber Equities owned at least three commercial properties in New York City with 38,399 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio has $36.5 million in debt, borrowed from Bank Hapoalim. Within the portfolio, the bulk, or 100 percent of the 38,399 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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