Certes Partners, The Hakimian Organization, And Red Pine Capital Partners Acquire Development Site In East Harlem For $9.6M

A development site located at 213-215 East 124th Street in East Harlem has been sold for a total price of $9,600,000. The site has a building square footage (BSF) of 60,307, with a price per BSF (PPBSF) of $161 with inclusionary bonus and $214 without the bonus, based on the base floor area ratio (FAR) of the property.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $9,600,000
• Address: 213-215 East 124th Street
• Market: East Harlem
• BSF: 60,307
• PPBSF: $161/BSF (with inclusionary bonus) and $214/BSF (Base FAR)

The buyers of the property are Certes Partners, The Hakimian Organization, and Red Pine Capital Partners. The seller's identity has not been disclosed. The brokers involved in the transaction are Kevin Darouvar and Roy Oskar.

The property was acquired through an off-market estate sale, allowing the buyers to complete their block-through assemblage. This acquisition adds to their existing portfolio with a total buildable square footage (BSF) of over 130,000. The sale was facilitated by Kevin Darouvar and Roy Oskar, who specialize in the sale of multifamily and mixed-use assets as well as development sites throughout New York City. For more information on job opportunities with the Darouvar Team, please reach out to them directly.