Andrea D’Alessandro through the entity GEF Development Corporation paid $6.2 million to Aryeh Realty for the mixed-use building (K4) at 1320 Madison Avenue in Carnegie Hill, Manhattan. The building was previously the address frequently used by Aryeh Realty for its special purpose entities.
The deal closed on August 4, 2023 and was recorded on August 9, 2023. The property has 3,776 square feet of built space and 10,255 square feet of additional air rights for a total buildable of 14,030 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,637 and the price per buildable square foot is $440 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 seller bought the property on April 20, 2022, for $4.1 million. The signatory for Aryeh Realty was Benjamin Aryeh, Nancy Aryeh, Andrew Aryeh, Brandon Aryeh, and Alexandra Aryeh. The signatory for Andrea D’Alessandro was Andrea D’Alessandro. The contract date was June 21, 2023. Benjamin Aryeh as to 25%, Nancy Aryeh as to 25%, Andrew Aryeh as to 17%, Brandon Aryeh as to 16.5%, and Alexandra Aryeh as to 16.5%.
Andrea D’Alessandro’s entity GEF Development Corporation also owns 136 East 73rd Street and 970 Lexington Avenue, which it bought bought in 2015 for a combined $15.25 million.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Andrea D’Alessandro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aryeh Realty purchased four properties in four transactions for a total of $18.3 million and sold one properties in one transactions for a total of $7.3 million over the same time period. The 3,776-square-foot property generated revenue of $216,200 or $57 per square foot, according to the most recent income and expense figures.
The mixed-use building with 1 residential units in Carnegie Hill has 3,776 square feet of built space and 10,255 square feet of additional air rights for a total buildable of 14,030 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 87 feet deep with a total lot size of 1,403 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 Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $1.3 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 not received any significant violations 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 45,977 square feet of the 117,273 square feet. The largest owner is Sybil Brinberg, followed by Kamran Hakim and then Greenberg Rohatyn Jeanne B..
There are no active new building construction projects on this tax block.
The majority, or 52 percent of the 117,273 square feet of built space are mixed-use buildings, with walkup buildings next occupying 30 percent of the space.
The PincusCo database currently indicates that Aryeh Realty owned at least 13 commercial properties with 135 residential units in New York City with 129,798 square feet and a city-determined market value of $51 million. (Market value is typically about 50% of actual value.) The portfolio has $35.6 million in debt, borrowed from JPMorgan Chase and Derby Copeland Capital. Within the portfolio, the bulk, or 61 percent of the 129,798 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. They are all located in Manhattan.
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