Bartholomew Stanco pays $4.2M for 5-unit walkup in Hell’s Kitchen, formerly foreclosed

Bartholomew Stanco through the entity Pyrus Properties LLC paid $4.2 million through a real estate owned transaction to bondholders of Series 2017-SB42 by LNR Partners through the entity Fresb 2017-Sb42 West 51st Street, LLC for the five-unit residential walkup building (C2) at 458 West 51st Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on January 21, 2025 and was recorded on January 23, 2025. The property has 4,120 square feet of built space and 8,472 square feet of additional air rights for a total buildable of 12,593 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,027 and the price per buildable square foot is $336 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 former lender took title to the property on April 5, 2024, in a transfer valued at $3.1 million. The signatory for Series 2017-SB42 and LNR Partners was Steven D. Ferreira. The signatory for Bartholomew Stanco was Bartholomew D. Stanco. The contract date was November 20, 2024. The former owners, Hilda Kobler, Hilda Jung, lost the building in April 2024 in a foreclosure auction to the lender, bondholders of Series 2017-SB42. Bartholomew Stanco is affiliated with Big Oak Investments and Birch Investment Group, both based in Fairfield, Connecticut.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bartholomew Stanco had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Series 2017-SB42 purchased one property in one transaction for a total of $3.1 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Hilda Jung, individual owner and Estefany Amezquita, agent. The business entity is Barberry Rose Management Co.

The property

The residential walkup building with 5 residential units in Hell’s Kitchen has 4,120 square feet of built space and 8,472 square feet of additional air rights for a total buildable of 12,593 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,092 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 10 housing violations and $750 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 this tax block, PincusCo has identified the owners of 17 of the 36 commercial properties representing 134,099 square feet of the 310,447 square feet. The largest owner is Kings Capital, followed by Jay Wartski and then Croman Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 310,447 square feet of built space are walkup buildings, with office buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Series 2017-Sb42 owned at least one commercial property with five residential units in New York City with 4,120 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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