Dart Interests submits 66-unit condo plan in Lenox Hill, parcel bought for $64M

Christopher Kelsey, president of Dart Interests, through the entity 249 E 62nd St. LLC submitted a condominium plan to create 66 residential units and 1 commercial unit in a new construction building at 249 East 62nd Street in Lenox Hill, Manhattan, called 249 East 62nd Street Condominium, according to a November 16, 2022 submission to the New York State Attorney General.

Zeckendorf Development is the applicant for the new building construction project that calls for a 66-unit, 99,991-square-foot residential (R-2) building at 249 East 62nd Street in Lenox Hill, Manhattan. The plan was filed with the New York City Department of Buildings on December 27, 2016 under job number 122975995.

The property

The parcel has frontage of 75 feet and is 105 feet deep with a total lot size of 8,765 square feet. The zoning is C2-8 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.3 million.

Prior sales and revenue

This property was sold for $64.3 million on December 4, 2015. There is no debt recorded against the property.

Violations and lawsuits

According to city public data, the property has received one DOB violation, $26,250 in ECB penalties, and $13,750 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Lenox Hill, the bulk, or 35 percent of the 51.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $3.4 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 8th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 415,373 square feet of the 576,437 square feet. The largest owner is BLDG Management, followed by S.W. Management and then Kamran Hakim.

The surrounding

Within a 400-foot radius of 1183 2 Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. One of those five items was a sale which Forkosh Development Group bought the 66,237-square-foot, 16-unit rental (D7) on 305 East 61st Street for $35 million from Carter Management on January 19, 2022. Of those five items, four were loans above $5 million totaling $119.5 million. The most recent of the four was Forkosh Development Group in which borrowed $55 million from PCCP secured by the 66,237-square-foot, 16-unit rental (D7) on 305 East 61st Street on July 8, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.