Broker and attorney Albert Feinstein through the entity 2 East Mansion LLC paid $19 million to Marymount School of New York for the school building (W3) at 2 East 82nd Street in Carnegie Hill, Manhattan.
The deal closed on August 1, 2023 and was recorded on August 10, 2023. The property has 12,316 square feet of built space and 10,160 square feet of additional air rights for a total buildable of 22,480 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,542 and the price per buildable square foot is $845 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 Marymount School of New York was Concepcion Alvar. The signatory for Albert Feinstein was Albert Feinstein. The contract date was August 17, 2022. Marymount bought the building for $100,000 from H.J. Kalikow & Co. (signatory Peter S. Kalikow) in 1999.
The new buyer is an entity that describes Albert Feinstein as a member. Feinstein is a real estate broker and founder of the law firm Feinstein & Partners. He was also a founder of Bid on the City, an auction platform. Feinstein is also connected to 684 Park Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Albert Feinstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marymount School of New York had not purchased any other properties and had not sold any properties over the same time period.
The specialty building in Carnegie Hill has 12,316 square feet of built space and 10,160 square feet of additional air rights for a total buildable of 22,480 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 2,248 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Metropolitan Museum Historic District. The city-designated market value for the property in 2022 is $3.2 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 $50 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has 2.8 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 14th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 794,076 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 100,599 square feet of the 179,637 square feet. The two identified owners are NYC Department Of Education and JM Revocable Trust.
There are no active new building construction projects on this tax block.
The majority, or 72 percent of the 179,637 square feet of built space are specialty buildings, with mixed-use buildings next occupying 11 percent of the space.
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