Bobby Adjmi buys 2nd Lenox Hill property from J.T. Tai & Co., for $7.5M

Bobby Adjmi through the entity 18 East 67th Holdings LLC paid $7.5 million to J.T. Tai & Co. Foundation through the entity Tai Properties, LLC for the eight-unit residential walkup building (C7) at 18 East 67th Street in Lenox Hill, Manhattan. This was the second transaction between the parties for a property in Lenox Hill.

On the same day, Bobby Adjmi through the entity 17 East 70th Holdings LLC paid $7.5 million to J.T. Tai & Co. Foundation for the 13-unit residential elevator building (D5) at 17 East 70th Street in Lenox Hill, Manhattan.

The 67th Street deal closed on January 31, 2024 and was recorded on February 8, 2024. The property has 10,366 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $723 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 J.T. Tai & Co. Foundation was Keuichu W. Hsu. The signatory for Bobby Adjmi was Robert Adjmi. The contract date was December 7, 2023. This is the second purchase.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bobby Adjmi purchased one property in one transaction for a total of $7.5 million over the past 24 months.
The seller J.T. Tai & Co. Foundation had not purchased any other properties and sold three properties in two transactions for a total of $49 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Kueichu Hsu, head officer and William Hogan, agent. The business entity is Tai Properties,Llc.

The property

The residential walkup building with 8 residential units in Lenox Hill has 10,366 square feet of built space 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 2,510 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 $9.9 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 received $75 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 seven of the 19 commercial properties representing 121,627 square feet of the 238,927 square feet. The largest owner is Stanley Rintel, followed by Lotos Club and then Hubb Nyc.
There are no active new building construction projects on this tax block.

The majority, or 25 percent of the 238,927 square feet of built space are specialty buildings, with elevator buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Achs Management owned at least 69 commercial properties with 119 residential units in New York City with 1,210,035 square feet and a city-determined market value of $359.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 1,210,035 square feet of built space are retail properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 38 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

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