Aryeh Realty buys second UES rental on block, paying $4.4M

Aryeh Realty through the entity 1471 First LLC paid $4.4 million to Luellen Goldstein through the entity Mur-Jay Realty Corp. for seven-unit rental (C7) at 1471 First Avenue in Upper East Side, Manhattan. Aryeh Realty bought the adjacent building, 1473 First Avenue for $4.9 million on September 24, 2021.

The seller, Mur-Jay Realty, had owned the building for 49 years.
The deal closed on October 14, 2021 and was recorded on October 22, 2021.
The property has 6,100 square feet of built space and 12,656 square feet of additional air rights for a total buildable of 18,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $721 and the price per buildable square foot is $234 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 Luellen Goldstein was Luellen Goldstein. The signatory for Aryeh Realty was Andrew Aryeh.

The seller acquired the property in 1972. Andrew Aryeh is an executive with Aryeh Realty and according to his LinkedIn, founder of LionCub Development, a real estate company founded in August 2021.
The former owner according to the Department of Housing Preservation and Development was Luellen Jaeger, head officer. The business entity was Mur Jay Realty Corp.

Within a 400-foot radius of 1471 1st Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
One of those eight items was a sale which Tissa Management, HF Capital, and Howard Hershkovich bought the 9,068-square-foot, 43-unit rental (D3) on 418 East 77th Street and four other properties for $24.6 million from Caporusso family on October 4, 2021.
Of those eight items, seven were loans above $5 million totaling $165.3 million. The most recent of the seven was HF Capital which borrowed $60.0 million from H.I.G. Capital secured by the 15,935-square-foot, 43-unit rental (D3) on 418 East 77th Street and 11 other properties on October 8, 2021.

Direct link to Acris document. link