1020 Fifth Avenue co-op sells for $13.5 million

Aaron Kapito and Alyssa Kapito acquired residential cooperative unit 4FLR from Gregory B. Abbott valued at $13.5M for 13-unit residential elevator building at 1020 Fifth Avenue in Carnegie Hill, Manhattan.
The deal closed on February 18, 2022 and was recorded on March 1, 2022.

The signatory for Gregory B. Abbott was Gregory B. Abbott. The signatory for Aaron Kapito and Alyssa Kapito was Aaron Kapito.

In Carnegie Hill, the majority, or 76 percent of the 38.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 9 percent of the space. In sales, Carnegie Hill has 3 times the average sales volume among other neighborhoods with $817.3 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 709,333 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 61 percent of the 940,033 square feet of built space are residential elevator buildings, with specialty buildings next occupying 33 percent of the space.

Within a 400-foot radius of 1020 Fifth Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $22.7 million. The most recent of the two was John J. Carona Sr. which bought a residential co-op (D4) at 1010 5th Avenue for $11 million from Pamela L. Rollins on September 20, 2021.
Of those four items, two were loans above $5 million totaling $41.5 million. The most recent of the two was Ira Lifshutz which borrowed $15.5 million from Rosenthal & Rosenthal secured by the 9,016-square-foot, eight-unit rental (D9) on 9 East 82nd Street on February 11, 2022.

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