Anbau sells retail condo for $4M in Yorkville

Alexander Dokule through the entity 1711 1st Ave LLC paid $4 million to Anbau, Inc. through the entity 1711 Retail, LLC for retail condo at 1711 1st Avenue in Yorkville, Manhattan.
The deal closed on October 4, 2022 and was recorded on October 14, 2022. The property has 4,030 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $992 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 Anbau, Inc. was Adrianne Glascock. The signatory for Alexander Dokule was Alexander Dokule.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alexander Dokule had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anbau, Inc. purchased one property in one transaction for a total of $2 million and sold three properties in one transaction for a total of $49.5 million over the same time period.

The property

The 1711 1st Avenue retail condo unit has a total lot size of 4,030 square feet. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 July 15, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 1711 LLC to create 81 residential units and 1 commercial unit in a building at 360 East 89th Street in Yorkville, Manhattan, called Citizen 360 Condominium that has a $309 million sellout, according to an November 26, 2014 submission to the New York State Attorney General. The principal of the sponsor, 1711 LLC, was Stephen Glascock.

The neighborhood

In Yorkville, the majority, or 60 percent of the 26.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 2.1 times the average sales volume among other neighborhoods with $717.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 35 commercial properties representing 179,668 square feet of the 383,026 square feet. The largest owner is JAM Real Estate Partners, followed by Eberhart Brothers and then Marin Management.
On the tax block, there was one new building construction project filed totaling 185,950 square feet. It is a 82-unit, 185,950-square-foot R-2 building developed by Stephen Glascock with plans filed July 9, 2014 and permitted March 12, 2015.

The majority, or 91 percent of the 378,996 square feet of built space are walkup buildings, with elevator buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Anbau, Inc. owned at least four commercial properties in New York City with 164,773 square feet and a city-determined market value of $23.1 million. (Market value is typically about 50% of actual value.) The portfolio has $98 million in debt, borrowed from First Republic Bank. Within the portfolio, the bulk, or 84 percent of the 164,773 square feet of built space are elevator properties, with retail properties next occupying 11 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link