Aryeh Realty pays $9M for two walkups with 20 units in Yorkville

Aryeh Realty paid $9 million to Katherine Wankel for two residential walkups in Yorkville in two separate transactions. The acquisition was financed through a $9 million loan from Derby Copeland Capital.

In the first transaction, Aryeh Realty through the entity 1571-1573 Third Avenue LLC paid $4.5 million to Katherine Wankel through the entity 1573 Third Avenue LLC for the 11-unit residential walkup building (C7) at 1573 3rd Avenue in Yorkville, Manhattan.
The deal closed on July 15, 2022 and was recorded on July 26, 2022.The property has 10,275 square feet of built space and 8,277 square feet of additional air rights for a total buildable of 18,560 square feet according to PincusCo analysis of city data. The sale price per built square foot is $439 and the price per buildable square foot is $243 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 Katherine Wankel was Katherine Wankel, and for Aryeh Realty was David Elbaz.

In the second transaction, Aryeh Realty through the entity 1571-1573 Third Avenue LLC paid $4.5 million to Katherine Wankel through the entity 1571 Third Avenue LLC for nine-unit residential walkup building (C7) at 1571 3rd Avenue in Yorkville, Manhattan.
The deal closed on July 15, 2022 and was recorded on July 26, 2022. The property has 7,285 square feet of built space and 9,301 square feet of additional air rights for a total buildable of 16,580 square feet according to PincusCo analysis of city data. The sale price per built square foot is $619 and the price per buildable square foot is $272 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aryeh Realty purchased two properties in two transactions for a total of $9.3 million and sold one properties in one transactions for a total of $12.9 million over the past 24 months.
The seller Katherine Wankel 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 Katherine Wankel, head officer and Robert Eberhart, agent. The business entities are Robert Eberhart Real Estate and 1573 Third Avenue Llc. The 10,275-square-foot property generated revenue of $510,093 or $50 per square foot, according to the most recent income and expense figures.

The property

The 1573 3rd Avenue parcel has frontage of 25 feet and is 78 feet deep with a total lot size of 1,856 square feet. The lot is irregular. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 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 received $50 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 block

On this tax block, PincusCo has identified the owners of eight of the 26 commercial properties representing 183,920 square feet of the 319,313 square feet. The largest owner is Sol Goldman Investments, followed by Katherine Wankel and then Joaquim Pedras. There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 316,734 square feet of built space are walkup buildings, with retail buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Katherine Wankel owned at least one commercial property in New York City with 10,275 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Aryeh Realty owned at least 11 commercial properties in New York City with 112,238 square feet and a city-determined market value of $41 million. (Market value is typically about 50% of actual value.) The portfolio has $26.6 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 55 percent of the 112,238 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. They are all located in Manhattan.

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