4-unit, mixed-use in Lenox Hill sells for $16M
An anonymous buyer through the entity 9885th12 Flats LLC paid $16 million to the entity 4 East 77th Street LLC for the four-unit mixed-use building (S9) at 4 East 77th Street in Lenox Hill, Manhattan. The property was formerly owned by inventor Maurice Kanbar, profiled in an article about the property listing, who died in 2022. This is the buyer’s second major purchase in the Upper East Side in two years.
The deal closed on July 9, 2024 and was recorded on July 15, 2024. The property has 8,820 square feet of built space and 1,404 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 $1,814 and the price per buildable square foot is $1,566 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 April 16, 2018, for $8.9 million. The signatory for the selling entity was Rachel Warren. The signatory for 9885th12 Flats LLC was Walter Edelstein. The contract date was May 26, 2024.
In 2022, the buyer behind the entity 9885th12 Flats LLC bought the 12th floor unit at 988 Fifth Avenue for $14.65 million.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Rachel Warren, head officer and Elliott Kanbar, officer. The business entity is 4 East 77th Street Llc.
The property
The mixed-use building with 4 residential units in Lenox Hill has 8,820 square feet of built space and 1,404 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 property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $4.5 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 not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on November 26, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.3 billion in sales volume in the last two years. For development, Lenox Hill is the 7th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 487,418 square feet of the 530,087 square feet. The largest owner is Wendy L. Funk, followed by Michael Bloomberg and then Matthew Moinian.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 530,087 square feet of built space are hotel buildings, with office buildings next occupying 22 percent of the space.
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