ABJ Properties pays $8.2M to Gould Investors for two walkups in Turtle Bay

ABJ Properties through the entity 928-930 Holdings LLC paid $8.2 million to Gould Investors through the entity Gould 928-930 Second Avenue Owner LLC for the 16-unit residential walkup building (C7) at 930 2nd Avenue in Turtle Bay, Manhattan and 16-unit residential walkup building (C7) at 928 2nd Avenue in Turtle Bay, Manhattan.
The deal closed on January 15, 2025 and was recorded on January 27, 2025. The two properties have 20,750 square feet of built space and 29,250 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $394 and the price per buildable square foot is $163 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 Gould Investors was Mark H. Lundy. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was October 15, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 930 2nd Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 17 properties in 16 transactions for a total of $53.1 million and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller Gould Investors had not purchased any other properties and sold one property in one transaction for a total of $10.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nick Jutis, head officer and Seth Kobay, officer. The business entities are Majestic Property Management Corp and Gould 928-930 Second Avenue Owners Llc. The two properties with a total of 20,750 square feet of built space generated revenue of $1.2 million per year or $59 per square foot. The sale price per square foot was $394.

The property

The residential walkup building with 16 residential units in Turtle Bay has 20,750 square feet of built space and 29,250 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled $8.2 million and was provided by BankUnited on December 9, 2019. The property has 9 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $100 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 the tax block of 930 2nd Avenue, PincusCo has identified the owners of seven of the 13 commercial properties representing 262,773 square feet of the 337,463 square feet. The largest owner is Bldg Management, followed by Mag Partners and then Mark Harounian.
On the tax block, there was one new building construction project filed totaling 117,895 square feet. It is a 114-unit, 117,895 square-foot residential (R-2) building submitted by Reggie Kronstadt with plans filed October 22, 2021 and permitted April 20, 2022.

The majority, or 68 percent of the 337,463 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Gould Investors owned at least two commercial properties with four residential units in New York City with 295,218 square feet and a city-determined market value of $112.8 million. (Market value is typically about 50% of actual value.) The portfolio has $45 million in debt, borrowed from AIG and Maverick Real Estate Partners. Within the portfolio, the bulk, or 98 percent of the 295,218 square feet of built space are office properties, with mixed-use properties next occupying 2 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Abj Properties owned at least 97 commercial properties with 1,110 residential units in New York City with 1,047,720 square feet and a city-determined market value of $163.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,047,720 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space. The bulk, or 42 percent of the built space, is in Bronx, with Manhattan next at 34 percent of the space.

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