9-unit rental in Lenox Hill sells for $8.5M
The entity 38 East 75 Owner LLC paid $8.5 million to Anne B. Snee through the entity 38 East 75 Street LLC for the nine-unit walk-up (C5) at 38 East 75th Street in Lenox Hill, Manhattan.
The deal closed on December 17, 2021 and was recorded on January 3, 2022.
The property has 6,627 square feet of built space and 1,552 square feet of additional air rights for a total buildable of 8,172 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,282 and the price per buildable square foot is $1,040 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 Anne B. Snee was Anne B. Snee.
38 East 75 Owner LLC is located at the same floor and building as Spruce Capital.
The former owners according to the Department of Housing Preservation and Development included Godfrey Coulson Bloch, head officer and Haresh Bisal, officer. The business entities are 38 East 75th Street Llc and 38 East 75th Street Llc.
Within a 400-foot radius of 38 East 75th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 28, 2020 for the $5 million renovation of 0-square-foot R-3 building with one residential units at 39 East 74th Street.
Of those five items, three were sales above $5 million totaling $44.3 million. The most recent of the three was MRR Development which bought the 6,800-square-foot, five-unit rental (C5) on 52 East 76th Street for $6.8 million from Marin Management Corp on October 14, 2021.
One of those five items was a loan which Patrick Verdonck borrowed $15.0 million from Bank of America secured by the N/A-square-foot, three-unit three-family building (C0) on 807 Park Avenue on December 23, 2019.
Direct link to Acris document. link