10-unit rental sells for $15.5M in Lenox Hill
5 East 63rd Street (Credit - Google)
The anonymous entity 5e63 LLC paid $15.5 million to Paolo Mario Giacometti through the entity Five And Fifth Realty Corp. for the 10-unit residential elevator building (D1) at 5 East 63rd Street in Lenox Hill, Manhattan.
The deal closed on July 28, 2022 and was recorded on August 3, 2022. The property has 11,875 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,305 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 December 13, 2012, for $5.7 million. The signatory for Paolo Mario Giacometti was Michael W. Mackay. The signatory for 5e63 LLC was Edward Weiss.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes attorney Richard Altieri, head officer and Paolo Mario Giacometti, shareholder. The business entities are Laseven Inc. and Five And Fifth Realty Corp.
The property
The 5 East 63rd Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,512 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $8.6 million.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
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 not received any significant violations 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 nine of the 30 commercial properties representing 76,992 square feet of the 283,743 square feet. The largest owner is Leslie J. Garfield, followed by Graff International and then Graff.
There are no active new building construction projects on this tax block.
the majority, or 32 percent of the 247,878 square feet of built space are mixed-use buildings, with elevator buildings next occupying 26 percent of the space.
Direct link to Acris document. link