Anthony Ventura pays $7.8M for two residential walkup properties in Yorkville

Anthony Ventura through the entity 315 317 E 89 LLC paid $7.8 million to John J. Curreri through the entity John V. Third Realty Corp. for midblock 11-unit residential walkup building at 317 East 89th Street in Yorkville, Manhattan and midblock 11-unit residential walkup building at 315 East 89th Street in Yorkville, Manhattan.
The deal closed on March 28, 2022 and was recorded on May 18, 2022. The two properties have 16,440 square feet of built space and 3,726 square feet of additional air rights for a total buildable of 20,144 square feet according to PincusCo analysis of city data. The sale price per built square foot is $471 and the price per buildable square foot is $384 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 John J. Curreri was John J. Curreri. The signatory for Anthony Ventura was Anthony Ventura.

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 317 East 89th Street.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Domenica Curreri, head officer and Alvin Glick, agent. The business entities are Mautner-Glick Corp and John V Realty Corp.

The property

The 317 East 89th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,518 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,450 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 $5 million on this tax lot.

The neighborhood

In Yorkville, the majority, or 71 percent of the 43.2 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 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 the tax block of 317 East 89th Street, PincusCo has identified the owners of 14 of the 33 commercial properties representing 167,683 square feet of the 370,884 square feet. The largest owner is Sterling Equities, followed by Xian Xun Hu and then JAM Real Estate Partners. There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 418,667 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Anthony Ventura owned at least three commercial properties with 26,775 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are residential walkup properties. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 317 East 89th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 10, 2021 for the $10 million renovation of 17,746-square-foot office (B) building at 350 East 88th Street.
Of those five items, two were sales above $5 million totaling $26 million. The most recent of the two was JAM Real Estate Partners which bought the 8,890-square-foot, 10-unit rental (C4) on 328 East 89th Street and three other properties for $19 million from Estate of Mary D. Grell on January 27, 2022.
Of those five items, two were loans above $5 million totaling $28 million. The most recent of the two was GPG Properties which borrowed $17 million from Santander Bank secured by the 28,041-square-foot, 20-unit rental (C1) on 336 East 90th Street and four other properties on January 11, 2022.

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