CBSK Developers pays $46.8M for corner parcels in Turtle Bay

Developer CBSK Developers paid $46.8 million to two separate sellers for two properties including 930 and 936 First Avenue and , at the corner of East 51st Street, in Turtle Bay, Manhattan. At the same time, one of the sellers transferred a third property, 409 East 51st Street, to CBSK through a no-consideration transfer. CBSK Developers is a partnership of SK Development and CB Developers.

In the first transaction, CBSK Developers through the entity 51st Street Fee Owner LLC paid $34.5 million to Giorgio Angelini through the entity 405 E NY, LLC for the 36-unit residential elevator building (D7) at 930 1st Avenue in Turtle Bay, Manhattan.
The deal closed on June 14, 2023 and was recorded on June 30, 2023. The property has 38,720 square feet of built space and 37,051 square feet of additional air rights for a total buildable of 75,770 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $891 and the price per buildable square foot is $455 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 Giorgio Angelini was Giorgio Angelini. The signatory for CBSK Developers was Scott Shnay. Giorgio Angelini bought 409 East 51st Street on the same tax block on February 17, 2023, and assigned it through a no-consideration deed transfer to CBSK. CBSK now controls three tax parcels on the northeast corner of First Avenue and 51st Street. It borrowed $21.34 million from Metropolitan Commercial Bank to finance the acquisition.

In the second transaction, CBSK Developers through the entity 51st Street Fee Owner LLC paid $12.3 million to Tresser Properties through the entity 936 First Corp. for the seven-unit residential walkup building (C7) at 936 1st Avenue in Turtle Bay, Manhattan. The deal closed on June 14, 2023 and was recorded on June 30, 2023. The property has 7,500 square feet of built space and 11,061 square feet of additional air rights for a total buildable of 18,560 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,639 and the price per buildable square foot is $662 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 Tresser Properties was Eric Schwartz. The signatory for CBSK Developers was Scott Shnay. Eric Schwartz is an attorney for Tresser Properties, founded in 1989. The name was misspelled as Tressor Properties in the filing.

Prior sales and revenue

The seller Giorgio Angelini purchased one property in one transactions for a total of $6.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Giorgio Angelini, head officer and Megan Tarter, agent. The business entities are Erpm Company and 405 E Ny Llc. The 38,720-square-foot property generated revenue of $1.2 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 36 residential units in Turtle Bay has 38,720 square feet of built space and 37,051 square feet of additional air rights for a total buildable of 75,770 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 94 feet deep with a total lot size of 7,577 square feet. The lot is irregular. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.8 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 $1,250 in ECB penalties and $1,250 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 two of the 10 commercial properties representing 3,500 square feet of the 74,563 square feet. The two identified owners are Giorgio Angelini and City of New York.
On the tax block, there was one new building construction project filed totaling 20,408 square feet. It is a 13-unit, 20,408 square-foot residential (R-2) building submitted by Cheskel Strulovitch with plans filed August 26, 2015 and it has not been permitted yet.

The majority, or 52 percent of the 74,563 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Giorgio Angelini owned at least one commercial property with four residential units in New York City with 3,500 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

 

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