Bradford Mott pays $6.4M for residential walkup in Murray Hill, Queens

Bradford Mott through the entity 41-04 & 41-08 159th Street LLC paid $6.4 million to Luciano Sbuttoni through the entity Renato Realty LLC for the 32-unit residential walkup building (C1) at 41-04 159th Street in Murray Hill (QN), Queens.
The deal closed on January 24, 2023 and was recorded on February 7, 2023. The property has 22,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $285 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 seller bought the property on February 19, 2019, for $7.4 million. The signatory for Luciano Sbuttoni was Luciano Sbuttoni. The signatory for Bradford Mott was Bradford Mott.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Bradford Mott purchased two properties in two transactions for a total of $6.5 million and has no record it sold any properties over the past 24 months.
The seller Luciano Sbuttoni purchased two properties in two transactions for a total of $6.3 million and sold two properties in two transactions for a total of $6.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Luciano Sbuttoni, head officer and Joe Destl, site manager. The business entity is Renato Realty Llc. The 22,400-square-foot property generated revenue of $343,616 or $15 per square foot, according to the most recent income and expense figures.

The property

The 41-04 159th Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 84,845 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Luciano Sbuttoni owned at least one commercial property in New York City with 10,600 square feet and a city-determined market value of $469,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Bradford Mott owned at least two commercial properties in New York City with 25,840 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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