Corum Asset Management pays $6.2M to CBSK for retail in Murray Hill

Corum Asset Management through the entity Corum Investments LLC paid $6.2 million to CB Developers and SK Development through the entity 587-91 Third Retail LLC for the retail condo at 591 Third Avenue in Murray Hill, Manhattan. The expected use is cash flowing.
The deal closed on March 20, 2026 and was recorded on April 2, 2026. The property has 5,867 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,065 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 CB Developers and SK Development was Scott Shnay . The signatory for Corum Asset Management was Keith Greenberg . The contract date was March 17, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Corum Asset Management purchased one property in one transaction for a total of $17.1 million and has no record it sold any properties over the past 24 months.
The seller CB Developers had not purchased any other properties and sold two properties in two transactions for a total of $18.4 million over the same time period.

The property

The retail condo in Murray Hill has 5,867 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,867 square feet. The property has a 421A exemption that started in 2020 and expires in 2030. The city-designated market value for the property in 2022 is $1.9 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

For the tax lot building, it received its initial certificate of occupancy on August 28, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 587-91 THIRD OWNER LLC to create 74 residential units and 1 commercial units in a building at 591 Third Avenue in Murray Hill, Manhattan, called Lindley Condominium that has a $145.5 million sellout, according to an June 03, 2016 submission to the New York State Attorney General. The principals of the sponsor, 587-91 THIRD OWNER LLC, were David Barry, Michael Barry, Charles Blaichman, Abram Shnay, and Scott Shnay.

The neighborhood

In Murray Hill, The majority, or 54 percent of the 11 million square feet of commercial built space are elevator buildings, with office buildings next occupying 22 percent of the space. In sales, Murray Hill has the 39th highest sale turnover among other neighborhoods in Manhattan with $90.2 million in sales volume in the last two years. For development, Murray Hill has 1.4 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 888,212 square feet of the 1,116,696 square feet. The two identified owners are Glenwood Management and Bldg Management.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 1.1 million square feet of built space are elevator buildings, with walkup buildings next occupying 5 percent of the space.

The seller

The PincusCo database currently indicates that Cb Developers owned at least six commercial properties with 70 residential units in New York City with 129,275 square feet and a city-determined market value of $154.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 129,275 square feet of built space are elevator properties, with Q1 properties next occupying 39 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Queens next at 39 percent of the space.
The PincusCo database currently indicates that Sk Development owned at least five commercial properties with 318 residential units in New York City with 160,561 square feet and a city-determined market value of $139.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 160,561 square feet of built space are walkup properties, with Q1 properties next occupying 31 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.

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