Boomerang Development Group filed plans to develop 15 residential units in a condominium building at 323 East 79th Street in Yorkville, Manhattan, called Matteo Condominium that has a $59.275 million sellout, according to a submission dated August 24 to the New York State Attorney General. The principals of the project were identified as Marco Auteri, Giovanni Ferrara and Daniel Pipitone.

There have been only 15 condominium plans submitted in Manhattan in 2022, with a total of 553 units.

The 323 East 79 Street parcel has frontage of 27 feet and is 102 feet deep with a total lot size of 2,767 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.The most recent loan totaled $26 million and was provided by Spruce Capital on March 16, 2021.

The property is owned by Boomerang Development Group, which filed a new building construction project totaling 26,763 square feet, with 15 units on January 4, 2019 and it was permitted November 24, 2021.

Property

On this tax block, PincusCo has identified the owners of two of the 18 commercial properties representing 13,900 square feet of the 95,976 square feet. The two identified owners are Daniel Talassazan and Boomerang Development Group.

The PincusCo database currently indicates that Boomerang Development Group owned at least one commercial property in New York City with 8,084 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio has $26 million in debt, borrowed from Spruce Capital. The portfolio consists of at least a single retail property. It is located in Manhattan.

Within a 400-foot radius of 323 East 79 Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was in new building development. It was a new building permit application filed on November 23, 2021 for a 322,838-square-foot office (B) building at 1522 First Avenue. One of those three items was a loan which Caiola Family borrowed $9.4 million from JPMorgan Chase secured by the 54,698-square-foot, 68-unit rental (D6) on 353 East 78th Street on February 14, 2022.

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