Carnegie Hill townhouse sells for $13.2M

The entity 111 NYC LLC paid $13.2 million to Joseph J. Magliocco and Allison F. Magliocco for the midblock townhouse at 111 East 81st Street in Carnegie Hill, Manhattan.
The deal closed on February 18, 2022 and was recorded on March 10, 2022. The property has 3,958 square feet of built space and 4,208 square feet of additional air rights for a total buildable of 8,172 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,347 and the price per buildable square foot is $1,621 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 September 29, 2009, for $5.8 million. The signatory for Joseph J. Magliocco and Allison F. Magliocco was Joseph J. Magliocco and Allison F. Magliocco.

The property

The 111 East 81st Street parcel has frontage of 20 feet and is 102 feet deep with a total lot size of 2,043 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $10 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 neighborhood

In Carnegie Hill, the majority, or 76 percent of the 38.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 9 percent of the space. In sales, Carnegie Hill has 3 times the average sales volume among other neighborhoods with $817.3 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 709,333 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 31 commercial properties representing 115,953 square feet of the 384,253 square feet. The largest owner is Nexus Building Development Group, followed by S.W. Management and then Ronald Cherney. There are two active new building construction projects totaling 34,029 square feet. The largest is a nine-unit, 24,041-square-foot residential (R-2) building developed by Yaniv Cohen with plans filed April 18, 2013 and permitted January 17, 2017. The second largest is a five-unit, 9,988-square-foot R-2 building developed by Jong Mok Che with plans filed July 12, 2018 and it has not been permitted yet.

The majority, or 67 percent of the 939,444 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space.

Surrounding

Within a 400-foot radius of 111 East 81st Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $35.1 million. The most recent of the three was Patrick McBrien which borrowed $7 million from Wells Fargo secured by the 5,400-square-foot, seven-unit rental (C5) on 125 East 80th Street on October 15, 2021.

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