Aryeh Realty sells 8-unit walkup in Yorkville for $7.3M

Shaun Ajodan through the entity 1711 Realty Group LLC paid $7.3 million to Aryeh Realty through the entity 1711 Light LLC for the eight-unit residential walkup building (C7) at 1711 Second Ave. in Yorkville, Manhattan.
The deal closed on June 23, 2023 and was recorded on June 29, 2023. The property has 7,300 square feet of built space and 11,431 square feet of additional air rights for a total buildable of 18,740 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,000 and the price per buildable square foot is $389 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 November 1, 2019, for $6.2 million. The signatory for Aryeh Realty was Brandon Aryeh. The signatory for Shaun Ajodan was Shaun Ajodan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shaun Ajodan 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 property in one transaction for a total of $12.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Benjamin Aryeh, head officer and Andrew Aryeh, officer. The business entity is 1711 Ny Llc. The 7,300-square-foot property generated revenue of $320,908 or $44 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Yorkville has 7,300 square feet of built space and 11,431 square feet of additional air rights for a total buildable of 18,740 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 square feet. The zoning is C2-8 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 $4.5 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 received $490 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 25 commercial properties representing 191,205 square feet of the 316,734 square feet. The largest owner is Sol Goldman Investments, followed by Neal Hidalgo and then Marin Management.
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 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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