Buckley School pays $7.5M for 17-unit rental in Lenox Hill
The Buckley School paid $7.5 million to Magdalene Casola through the entity 109 East 73, LLC for the 17-unit residential elevator building (D3) at 109 East 73rd Street in Lenox Hill, Manhattan.
The deal closed on June 8, 2023 and was recorded on June 16, 2023. The property has 12,144 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $617 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 Magdalene Casola was Magdalene Casola. The signatory for Buckley School was Gregory J. O’Melia.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Buckley School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Magdalene Casola had not purchased any other properties and sold one property in one transaction for a total of $9.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Magdalene Casola, head officer and Brandon Wolfson, shareholder. The business entity is 109 East 73rd Street Llc. The 12,144-square-foot property generated revenue of $509,466 or $42 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 17 residential units in Lenox Hill has 12,144 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 102 feet deep with a total lot size of 2,248 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $2.9 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 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.
The block
On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 75,806 square feet of the 170,524 square feet. The largest owner is Slovak Republic, followed by Sephardic Academy Of Manhattan, Inc. and then Joseph Moinian.
There are no active new building construction projects on this tax block.
The majority, or 35 percent of the 170,524 square feet of built space are mixed-use buildings, with specialty buildings next occupying 34 percent of the space.
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