2866 Frederick Douglass Boulevard
This $4M acquisition of a 17,750 SF mixed-use property in Harlem at $225 per square foot is priced well below the estimated market PPSF range of $270-$300 for comparable Harlem mixed-use assets, suggesting either a value-add or distressed component that merits closer diligence. The Traded calculator flags a DSCR of 0.94x at standard leverage, meaning the deal does not cover debt service at face value and would require NOI improvement through lease-up, rent increases, or repositioning to pencil as a stabilized loan. BH3 Management and Daniel Lebensohn have a credible institutional track record with meaningful deal volume, reducing sponsor risk, though their Harlem exposure is limited relative to their broader portfolio. The Harlem mixed-use market remains liquid with approximately 10 comparable sales identified in the submarket, and the price point is within a range that has traded historically, though post-2022 rate pressure has compressed buyer activity. Overall, the deal presents moderate risk with upside contingent on business plan execution; underwriting should stress-test lease-up timelines and verify current rent rolls and any deferred maintenance.
Deal Stats
Parties
Buyer / Tenant
Daniel Lebensohn () - BH3 Management ()
Daniel Lebensohn is a principal at BH3 Management, a Miami and New York-based real estate private equity firm with a history of opportunistic acquisitions across multifamily, mixed-use, and development assets in major urban markets. BH3 has been active in distressed and value-add plays in NYC, with a tracked volume of approximately $233.8M across at least 3 recorded deals on Traded.
Score Analysis
Why this score
Below-Market Pricing
At $225/SF versus $270-$300 market comps, the 15-25% discount creates value-add potential if operational improvements are executed.
Sub-1.0x DSCR at Leverage
A 0.94x DSCR indicates the property cannot service debt from current NOI, creating refinance risk and requiring aggressive business plan execution.
Sponsor Track Record
BH3 Management's $233.8M tracked deal volume and institutional expertise in value-add acquisitions across NYC reduces execution risk relative to unknown sponsors.
Limited Harlem Specialization
BH3's broader NYC focus with limited documented Harlem exposure suggests less neighborhood-specific market intelligence and relationship capital in this submarket.
Market Liquidity
10 comparable sales provide exit optionality, though post-2022 rate pressure has dampened buyer activity across the segment.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Detailed Lease-Up & Rent Growth Stress Test
Verify current unit mix, occupancy, lease expiration schedule, and achievable rents post-repositioning to demonstrate path to 1.25x+ DSCR within 18-24 months.
Capital Expenditure & Deferred Maintenance Audit
Quantify renovation costs and timeline to achieve market rents, ensuring projected NOI improvement is not offset by unforeseen capex requirements.
BH3 Harlem Comparable Track Record
Document prior Harlem acquisitions, executed value-add strategies, and realized returns to establish sponsor competency and local relationships in this specific submarket.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Sale 2866 Frederick Douglass Bou... Daily limit: 9/10 Daniel Lebensohn Of BH3 Management Acquires Mixed-Use Property In Harlem For $4M SOLD $4,000,000 Mixed-use 17,750 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $225 Total Square Footage: Transaction Type: A 17,750-square-foot mixed-use property located at 2866 Frederick Douglass Boulevard in Harlem has been acquired for $4 million. This transaction represents a price of approximately $225 per square foot within the Manhattan market. Summary of transaction details: Property Type: Mixed-use Transaction Amount: $4,000,000 Square Footage: 17,750 Price per Square Foot: $225 Buyer: Daniel Lebensohn - BH3 Management Address: 2866 Frederick Douglass Boulevard Market: Harlem, Manhattan Daniel Lebensohn’s BH3 Management has undertaken this acquisition, marking a significant transaction in the Manhattan area, showcasing the company's continued investment in mixed-use properties. Players All Buyers | Sellers DL Daniel Lebensohn 3 deals $233.8M volume BUYER Details Deal Summary IMAGE: Daniel Lebensohn DATE: 05/05/2026 ADDRESS: 2866 Frederick Douglass Boulevard MARKET: Harlem, Manhattan ASSET TYPE: Mixed-use BUYER: Daniel Lebensohn (@Daniel_Lebensohn) - BH3 Management (@BH3Management) SALE PRICE: $4,000,000 SF: 17,750 - PPSF: $225 NOTE: Daniel Lebensohn’s BH3 Management has acquired a 17,750-square-foot mixed-use property at 2866 Frederick Douglass Boulevard in Harlem for $4 million. The Manhattan transaction breaks down to a price of approximately $225 per square foot. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. Xavier Jimenez Acquires Harlem Mixed-Use Building On Amsterdam Avenue For $3.05M New York | Mixed-use | PPSF: $635 XJ 08/21/2018 Rob Yaffa Sells Mixed-Use Property In Washington Heights For $4.3M New York | Mixed-use | PPSF: $201 + 1 03/26/2021 3610 Broadway New York | Mixed-use | PPSF: $281 06/25/2014 3604 Broadway New York | Mixed-use | PPSF: $299 Guerrero Family Acquires Washington Heights Property For $4.79M New York | Mixed-use | PPSF: $484 09/26/2018 Joseph Jemal Of ICER Real Estate Acquires Mixed-Use Property In Harlem For $2.65M New York | Mixed-use | PPSF: $50 05/21/2019 Barry Wagshal And Zev Mayer Acquire Mixed-Use Property In Highbridge For $2.8M New York | Mixed-use | PPSF: $89 ZM BW 12/22/2021 Marcus & Millichap Brokers Sell Mixed-Use Property In Washington Heights For $3.7M New York | Mixed-use | PPSF: $248 06/30/2020 Greg Corbin & Felix Ades Of Northgate Real Estate Group Sell Mixed-Use Property In Washington Heights For $5M New York | Mixed-use | PPSF: $258 07/28/2025 MarcuMillichap_NY, CBRE Sell Mixed-use Property On McClellan Street In Bronx For $3.95M With Peter Von Der Ahe, Seth Glasser, Elli Klapper & Charles Berger As Reps New York | Mixed-use | PPSF: $112 + 2 04/01/2021 Contact Get in touch with the broker you want Name Phone (optional) Message I'm an agent These are similar buyers of Mixed-use properties in this price Andrew Aryeh $59M Volume 10 Closed Deals David Shorenstein $187M Volume 60 Closed Deals Jason Breitstone $131M Volume 35 Closed Deals Upgrade to unlock Max Padway $94M Volume 23 Closed Deals Ethan Frank $27M Volume 7 Closed Deals Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Adam Lobel 136 Closed Deals (314) 920-8639 Alan Stenson 20 Closed Deals (646) 288-4757 Anthony Celifarco $23M Volume 6 Closed Deals Ben Kopilev 4 Closed Deals (646) 943-8619 Brandon Serota 14 Closed Deals (646) 502-3467 Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search Development Site Children’s Museum of Manhattan Expansion Moves Forward on Upper West Side Multifamily Rezoning Filed for 972-Unit Residential Complex in East Flatbush $97.8M Financing Closes for Harlem Affordable Housing Redevelopment FOR SALE $3,500,000 Prime Mixed-Use Building at 430 Grand Street Brooklyn $1,490,000 Nice Mixed-Use Building on Central Avenue in Brooklyn $3,600,000 Prime Development Site in Williamsburg at 511 Grand Street Thomas Modine Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $213,333.32 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$14,211.17 Cash-on-Cash Return -1.27% Monthly Debt Service $18,962.04 Annual Debt Service $227,544.49 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use