Azora Exan pays $8.57M to Naftali Group for retail condo in Yorkville

Azora Exan through the entity Pasamar Third Avenue LLC paid $8.57 million to Naftali Group through the entity 1461-1469 Third Ave Retail LLC for the property at 200 East 83rd Street in Yorkville, Manhattan.
The deal closed on July 12, 2024 and was recorded on July 16, 2024. The unit has 5,751 square feet of built space according to a PincusCo analysis of city data, including 3,187 on the ground floor and 2,564 on the lower level. The sale price per built square foot is $1,491 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 Naftali Group was Michael Naftali. The signatory for Azora Exan was Susanne Zabloudil. The contract date was May 22, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Azora Exan purchased one property in one transaction for a total of $47.8 million and sold one property in one transactions for a total of $45.5 million over the past 24 months.
The seller Naftali Group purchased one property in one transaction for a total of $12.5 million and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 200 East 83rd Street parcel at this time.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $10 million money judgment concerning a construction filed on September 5, 2023, by Naftali Group and Rockefeller Group against Leeding Builders Group. In addition, according to city public data, the property has not received any significant violations 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. On the tax lot, the most recent condominium plan was filed by 1461-1469 THIRD AVE OWNER LLC C/O THE NAFTALI GROUP to create 86 residential units and 1 commercial units in a building at 200 East 83rd Street in Yorkville, Manhattan, called 200 East 83rd Street Condominium that has a $551.1 million sellout, according to an May 19, 2020 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of 16 of the 31 commercial properties representing 380,524 square feet of the 559,982 square feet. The largest owner is Torkian Group, followed by Scharfman Organization and then Robert Eberhart Real Estate.
On the tax block, there were two new building construction projects totaling 329,850 square feet. The largest is a 86-unit, 208,881 square-foot residential (R-2) building submitted by Naftali Group and filed by Michael Witek with plans filed May 28, 2019 and permitted December 27, 2019. The second largest is a 106-unit, 120,969 square-foot residential (R-2) building submitted by Torkian Group and filed by Annie Xiao with plans filed July 16, 2021 and permitted April 12, 2022.

The majority, or 57 percent of the 559,982 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Naftali Group owned at least 12 commercial properties with 371 residential units in New York City with 859,112 square feet and a city-determined market value of $171 million. (Market value is typically about 50% of actual value.) The portfolio has $1.5 billion in debt, with top three lenders as Bank Hapoalim, Bank OZK, and HSBC Bank respectively. Within the portfolio, the bulk, or 65 percent of the 859,112 square feet of built space are elevator properties, with development properties next occupying 27 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Azora Exan owned at least one commercial property in New York City with 30,966 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

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