10-unit Yorkville walkup sells for $12M

The entity Sowa Kousan, Inc. paid $12 million to Makoto Susa for the 10-unit residential walkup building (C4) at 506 East 84th Street in Yorkville, Manhattan.
The deal closed on May 31, 2023 and was recorded on June 7, 2023. The property has 8,065 square feet of built space and 2,145 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,487 and the price per buildable square foot is $1,174 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 May 15, 2017, for $11.2 million. The signatory for Makoto Susa was Makoto Susa.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Makoto Susa had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Makoto Susa, individual owner and Mike Ionescu, agent. The business entity is Village Views Realty Llc.

The property

The residential walkup building with 10 residential units in Yorkville has 8,065 square feet of built space and 2,145 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 million.

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 one DOB violation 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 29 commercial properties representing 52,860 square feet of the 276,437 square feet. The largest owner is Scharfman Organization, followed by S.W. Management and then Kamran Hakim.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 276,437 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

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