The artist Jennifer Saville through the entity Jai Studio, Inc. paid $11.5 million to the estate of Stephen E. Kelly for the two-unit mixed-use building (S2) at 154 East 71st Street in Lenox Hill, Manhattan.
The deal closed on June 2, 2023 and was recorded on June 8, 2023. The property has 9,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,236 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 Stephen S. Kelly estate was Hunter T. Kelly. The signatory for Jennifer Saville was Jennifer Saville. Jennifer Saville is a modern artist represented by Gagosian gallery.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Jennifer Saville had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen S. Kelly estate had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stephen Kelly, individual owner and Hunter Kelly, agent.
The mixed-use building with 2 residential units in Lenox Hill has 9,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,007 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 $17.9 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 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 Lenox Hill, The bulk, or 35 percent of the 52 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.6 billion in sales volume in the last two years. For development, Lenox Hill has 2.9 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3 million 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 three of the 25 commercial properties representing 47,890 square feet of the 200,140 square feet. The largest owner is Stephen E. Kelly, followed by PH Realty Capital and then GPG Properties.
There are no active new building construction projects on this tax block.
The majority, or 34 percent of the 200,140 square feet of built space are mixed-use buildings, with walkup buildings next occupying 25 percent of the space.
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