29-unit rental in Yorkville sells for $14.1M

The entity 529 East 85th Associates LLC in care of David Eisenstein Real Estate paid $14.1 million to the entity Meadway Estates, Inc for the 29-unit residential elevator building (D1) at 529 East 85th Street in Yorkville, Manhattan. The expected use is cash flowing. A David Civval was the president of the owner entity in 1975 when it took out a loan against the building.
The deal closed on January 16, 2025 and was recorded on February 6, 2025. The property has 38,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $364 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 signatory for the seller was Jonathan Glaser. The signatory for the buyer was Charles Przekop, an attorney. The contract date was November 19, 2024.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Magdalena Kosz, head officer and Angela Cronk, officer. The business entity is Meadway Estates Inc. The 38,700-square-foot property generated revenue of $1.2 million or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 29 residential units in Yorkville has 38,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 102 feet deep with a total lot size of 7,663 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 $7.3 million. The property has 21 rent regulated units according to city tax records from 2023.

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 17 housing violations and $200 in OATH penalties 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 eight of the 14 commercial properties representing 161,656 square feet of the 308,910 square feet. The largest owner is Rudin Management, followed by Paul Liebowitz C/O Aj Clarke and then Anita Macdougal.
On the tax block, there was one new building construction project filed totaling 79,283 square feet. It is a 79,283 square-foot institutional (I-2) building submitted by Scott Burman with plans filed August 2, 2018 and permitted May 14, 2019.

The majority, or 41 percent of the 308,910 square feet of built space are elevator buildings, with specialty buildings next occupying 32 percent of the space.

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