Avenues Equity pays $9.2M for Carnegie Hill walkups, borrows $6.3M from A&E

Itay Gamlieli’s Avenues Equity Partners through the entity 1410-1412 Madison Ave Owners LLC paid $7.2 million to George Prepis through the entity 1410 Madison Avenue Realty Associates, LLC for the eight-unit walkup (C7) at 1410 Madison Avenue and the eight-unit walkup (C7) at 1412 Madison Avenue in Carnegie Hill, Manhattan. Avenues Equity Partners also paid $2 million for 122 East 91st Street in Carnegie Hill. The expected use is cash flowing.
To finance this purchase Avenues Equity Partners through the entity 1410-1412 Madison Ave Owners LLC as borrower signed an acquisition loan with lender A&E Real Estate Holdings through the entity A&E Real Estate Finance Spv A-1, LLC valued at $6.3 million for these two walkups and a third walkup Avenues Equity already owned.
The deals closed on December 30, 2024 and were recorded on January 24, 2025. The two Madison Avenue properties have 18,259 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $391 per the PincusCo analysis.
The 91st Street property has 6,550 square feet of built space and 1,509 square feet of additional air rights for a total buildable of 8,052 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $305 and the price per buildable square foot is $248 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 George Prepis was Vincent A. Balardi. The signatory for Avenues Equity Partners was Itay Gamlieli. The contract date was July 25, 2024. Traded NY reported on the sale previously.

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 1410 Madison Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Avenues Equity Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George Prepis had not purchased any other properties and sold one property in one transaction for a total of $5.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes George Prepis, head officer and Georgia Leandrou, officer. The business entity is 1410 Madison Ave. Realty Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four housing violations and $1,050 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 the tax block of 1410 Madison Avenue, PincusCo has identified the owners of five of the 19 commercial properties representing 166,631 square feet of the 651,031 square feet. The largest owner is Goldfarb Family, followed by Dominion Property Group and then Sassouni Management.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 651,031 square feet of built space are hotel buildings, with elevator buildings next occupying 27 percent of the space.

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