Avrohom Prager pays $4.5M to Sherry Berner for 8-unit walkup in Turtle Bay

Avrohom Prager through the entity 311 East 51 LLC paid $4.5 million to Sherry Berner for the eight-unit residential walkup building at 311 East 51st Street in Turtle Bay, Manhattan.
The deal closed on February 4, 2022 and was recorded on February 23, 2022.
The property has 5,760 square feet of built space and 1,770 square feet of additional air rights for a total buildable of 7,532 square feet according to PincusCo analysis of city data. The sale price per built square foot is $781 and the price per buildable square foot is $597 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 Sherry Berner was Sherry Berner. The signatory for Avrohom Prager was Avrohom Prager.
Prior to this transaction, the buyer Avrohom Prager had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Sherry Berner had not purchased any other properties and had not sold any properties over the same time period.

In Turtle Bay, the majority, or 52 percent of the 13.5 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Turtle Bay has had very little sales volume relative to other neighborhoods with $101.3 million in sales volume in the last two years. For development, Turtle Bay has had very little major development activity relative to other neighborhoods.It had 26,950 square feet of commercial and multi-family construction under development in the last two years, which represents 0.20 percent of the neighborhood’s built space.
On the tax block, the majority, or 71 percent of the 491,150 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Sherry Berner, individual owner and Tomas Crespo, site manager.
Within a 400-foot radius of 311 East 51st Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit application filed on October 22, 2021 for a 117,895-square-foot R-2 building with 114 residential units at 300 East 50th Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 3, 2021 for the $1.1 million renovation of 8,170-square-foot R-2 building with 10 residential units at 304 East 52nd Street.
One of those seven items was a sale which Stonehenge NYC bought the 88,658-square-foot, 116-unit rental (D3) on 340 East 51st Street for $66.2 million from London family on February 27, 2020.
Of those seven items, four were loans above $5 million totaling $99.2 million. The most recent of the four was Stonehenge NYC which borrowed $23.6 million from Heitman LLC secured by the 88,658-square-foot, 116-unit rental (D3) on 340 East 51st Street on February 27, 2020.

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