Aulder Capital through the entity 162-164 East 82nd Apts LLC through a bankruptcy acquired the 20-unit walkup (C5) at 164 East 82nd Street and the 17-unit walkup (C5) at 162 East 82nd Street in Carnegie Hill, Manhattan. Aulder Capital was the debt holder, and the transfer amount of $17.6 million is likely the total debt on the buildings. The prior owners were Ruben Azrak and Patricia G. Lampl and the property was placed in bankruptcy in 2022.
The deal closed on July 14, 2023 and was recorded on July 21, 2023. The two properties have 19,670 square feet of built space and 766 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $892 and the price per buildable square foot is $858 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.)
Northeast Bank financed the purchase with a $7.2 million loan to Aulder Capital
The signatory for Ruben Azrak and Patricia G. Lampl was Kevin Nash, a bankruptcy-focused attorney. The signatory for Aulder Capital was Robert Johnson.
PincusCo reported on the bankruptcy filing in September 2022. 1-22-42316-nhl
Apparel entrepreneur Ruben Azrak and Patricial Lampl bought the two adjacent buildings at 162-164 East 82nd Street in Carnegie Hill that have 37 units in June 2017 for $19.7 million, and took out a $10.5 million senior loan and a $1.5 million mezzanine loan at the time from Dime Community Bank.
Both loans had been in default since 2020.
According to a June 2023 document in the bankruptcy case, the buildings in May 2023 had revenue of $117,956. Total pre-petition secured and unsecured debt was $14,226,061.
Aulder Capital acquired the debt and announced it would hold a UCC auction with a scheduled date in November 2021, which was adjourned several times as the parties negotiated extensions. According to the bankruptcy petition, the lender said it would extend for one more time and consents to a bankruptcy filing which will proceed to a sale if the borrower cannot lock in a refinance.
According to the original bankruptcy, “The Property became subject to mortgage delinquencies during Covid, which were exacerbated by litigation and accounting issues…”
Robert Johnson is partner and COO of Aulder Capital.
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 164 East 82nd Street.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Aulder Capital purchased two properties in two transactions for a total of $28 million and has no record it sold any properties over the past 24 months.
The seller Ruben Azrak had not purchased any other properties and sold one property in one transaction for a total of $2.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adam Lichtenstein, head officer and Stephanie Knight, agent. The business entities are Choice New York Management and 162-164 East 82nd Street, Llc. The two properties with a total of 19,670 square feet of built space generated revenue of $1 million per year or $51 per square foot. The sale price per square foot was $892.
The residential walkup building with 20 residential units in Carnegie Hill has 19,670 square feet of built space and 766 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $2.8 million.
Violations and lawsuits
The properties were involved in zero lawsuits and two bankruptcies over the past two years. The highest value bankruptcy was filed on September 21, 2022, by Ruben Azrak and Patricia G. Lampl citing assets of $12 million. In addition, according to city public data, the properties have received one DOB violation, $6,250 in ECB penalties, 15 housing violations, and $6,300 in OATH penalties 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.
On the tax block of 164 East 82nd Street, PincusCo has identified the owners of 10 of the 24 commercial properties representing 106,331 square feet of the 310,752 square feet. The largest owner is SMA Equities, followed by S.W. Management and then Ruben Azrak.
On the tax block, there were two new building construction projects totaling 34,029 square feet. The largest is a nine-unit, 24,041 square-foot residential (R-2) building submitted by Yaniv Cohen with plans filed April 18, 2013 and permitted January 17, 2017. The second largest is a five-unit, 9,988 square-foot residential (R-2) building submitted by Jong Mok Che with plans filed July 12, 2018 and it has not been permitted yet.
The majority, or 51 percent of the 310,752 square feet of built space are walkup buildings, with elevator buildings next occupying 44 percent of the space.
The PincusCo database currently indicates that Ruben Azrak owned at least two commercial properties with 37 residential units in New York City with 19,670 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.
The PincusCo database currently indicates that Aulder Capital owned at least two commercial properties with 95 residential units in New York City with 64,052 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) The portfolio has $71.1 million in debt, with top three lenders as High End Hospitality Corp., Greystone & Co., and Emerald Creek Capital respectively. Within the portfolio, the bulk, or 51 percent of the 64,052 square feet of built space are elevator properties, with walkup properties next occupying 49 percent of the space. They are all located in Manhattan.
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