Buyer pays $3.6M for 6-unit walkup in Kips Bay

A buyer through the entity 217 East 30th LLC paid $3.6 million to Stephen M. Samtur through the entity Samtur Enterprises, LLC for the six-unit residential walkup building (C5) at 217 East 30th Street in Kips Bay, Manhattan.
The deal closed on May 16, 2024 and was recorded on May 20, 2024. The property has 4,020 square feet of built space and 196 square feet of additional air rights for a total buildable of 4,218 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $895 and the price per buildable square foot is $853 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 Stephen M. Samtur was Stephen M. Samtur. The signatory for the buyer was George Georgiades. The contract date was March 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer George Georgiades had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen M. Samtur 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 Stephen Samtur, head officer and Susan Samtur, officer. The business entity is Samtur Enterprises Llc.

The property

The residential walkup building with 6 residential units in Kips Bay has 4,020 square feet of built space and 196 square feet of additional air rights for a total buildable of 4,218 square feet according to a PincusCo analysis of city data. The parcel has frontage of 14 feet and is 98 feet deep with a total lot size of 1,406 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. 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 received $2,500 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 23 commercial properties representing 154,776 square feet of the 268,571 square feet. The largest owner is Two Rivers Property Group, followed by Trishna Agrawal and then Slate Property Group.
On the tax block, there was one new building construction project filed totaling 18,667 square feet. It is a 18-unit, 18,667 square-foot residential (R-2) building submitted by John Sore with plans filed May 22, 2014 and it has not been permitted yet.

The majority, or 63 percent of the 268,571 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

Direct link to Acris document. link