Buyer in care of Relo Redac pays $4.8M for 10-unit walkup in Hell’s Kitchen

A buyer in care of Relo Redac Inc. through the entity 314 West 51 LLC paid $4.8 million to Peter Alpi through the entity Matisse Fifty-First Realty Co., L.P. for the 10-unit residential walkup building (C4) at 314 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on April 5, 2023 and was recorded on April 12, 2023. The property has 7,605 square feet of built space and 4,378 square feet of additional air rights for a total buildable of 11,979 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $624 and the price per buildable square foot is $396 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 Peter Alpi was Peter Alpi. The signatory for Relo Redac Inc. was Neal R. Weinstein.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer, affiliates of Relo Redac Inc., purchased two properties in two transactions for a total of $10.5 million and sold one property in one transaction for a total of $13 million over the past 24 months.
The seller Peter Alpi had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Peter Alpi, head officer and Ray Deguzman, site manager. The business entities are Rialto Management Corp and Matisse Fifty-First Realty Co Lp.

The property

The residential walkup building with 10 residential units in Hell’s Kitchen has 7,605 square feet of built space and 4,378 square feet of additional air rights for a total buildable of 11,979 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,990 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 $4 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 $625 in ECB penalties, seven housing violations, and $675 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 eight of the 25 commercial properties representing 619,444 square feet of the 921,302 square feet. The largest owner is Triumph Real Estate Management, followed by Standard Companies and then Jung P. Chun.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 921,302 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Relo Redac Inc. owned at least two commercial properties with 31 residential units in New York City with 15,525 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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