Zulema Rina Paz pays $2.3M to Urban Standard Capital for 9-unit walkup in Harlem

Zulema Rina Paz paid $2.3 million to Urban Standard Capital through the entity USD 117 West 118 LLC for the nine-unit residential walkup building (C5) at 117 West 118th Street in Harlem, Manhattan.
The deal closed on February 15, 2024 and was recorded on March 13, 2024. The property has 3,750 square feet of built space and 3,188 square feet of additional air rights for a total buildable of 6,941 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $616 and the price per buildable square foot is $333 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 February 16, 2018, for $1.9 million. The signatory for Urban Standard Capital was Sarah Awad. The signatory for Zulema Rina Paz was Zulema Rina Paz. The contract date was August 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zulema Rina Paz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Urban Standard Capital purchased three properties in two transactions for a total of $5.2 million and sold one property in one transaction for a total of $6.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Seth Weissman, head officer and Pamela Colon, agent. The business entities are USC Management LLC and USD 117 West 118 LLC. The 3,750-square-foot property generated revenue of $76,950 or $21 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 9 residential units in Harlem has 3,750 square feet of built space and 3,188 square feet of additional air rights for a total buildable of 6,941 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,018 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Mount Morris Park Historic District Extension. The city-designated market value for the property in 2022 is $871,000.

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 five DOB violations and $50 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 six of the 19 commercial properties representing 70,728 square feet of the 149,336 square feet. The largest owner is Michael Callaghan, followed by Elysee Investment Corp and then Elliot Ambalo.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 149,336 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Urban Standard Capital owned at least eight commercial properties with 44 residential units in New York City with 37,813 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 37,813 square feet of built space are walkup properties, with mixed-use properties next occupying 32 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.

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