Aya Acquisitions pays $20M for three walkups in Hell’s Kitchen

Aya Acquisitions through the entity 321-323-325 West 42nd Street LLC paid $20 million to Christ Stratakis through the entity Thera Realty LLC for three 12-unit residential walkup buildings (C7) at 321, 323 and 325 West 42nd Street in Hell’s Kitchen, Manhattan
The deal closed on March 29, 2023 and was recorded on April 5, 2023. The three properties have 27,379 square feet of built space and 47,915 square feet of additional air rights for a total buildable of 75,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $730 and the price per buildable square foot is $265 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 Christ Stratakis was Christ Stratakis. The signatory for Aya Acquisitions was Amir Shriki.

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 321 West 42nd Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aya Acquisitions purchased one property in one transaction for a total of $50.8 million and has no record it sold any properties over the past 24 months.
The seller Christ Stratakis 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 Christ Stratakis, head officer and John Poles, officer. The business entities are Alma Realty Corp and Thera Realty Llc. The three properties with a total of 27,379 square feet of built space generated revenue of $1.8 million per year or $64 per square foot. The sale price per square foot was $730.

The property

The residential walkup building with 12 residential units in Hell’s Kitchen has 27,379 square feet of built space and 47,915 square feet of additional air rights for a total buildable of 75,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is C6-4 which allows for up to 10 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 $4.1 million.

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 two DOB violations, $5,000 in ECB penalties, seven housing violations, and $6,230 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 321 West 42nd Street, PincusCo has identified the owners of six of the 18 commercial properties representing 291,270 square feet of the 762,414 square feet. The largest owner is Wharton Properties, followed by Taconic Partners and then Parkoff Organization.
On the tax block, there was one new building construction project filed totaling 294,761 square feet. It is a 321-unit, 294,761 square-foot residential (R-2) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed March 9, 2020 and permitted May 24, 2022.

The majority, or 72 percent of the 762,414 square feet of built space are elevator buildings, with office buildings next occupying 16 percent of the space.

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