David Dweck’s Turret Equities pays $5.4M, assumes debt, for elevator building in Grand Central

David E. Dweck’s Turret Equities paid $5.4M to Infinity Collective and assumed a mortgage with an original value of $8 million, secured by the leasehold on a residential elevator building in Grand Central.

Turret Equities through the entity 215 Madison Lessee LLC paid $5.4 million to Infinity Collective through the entity Iuc 215 Madison Avenue LLC for 40-unit residential elevator building at 215 Madison Avenue, with an alternate address of 22 East 36th Street in Grand Central, Manhattan.
The deal closed on January 10, 2022 and was recorded on February 2, 2022.
The property has 60,300 square feet of built space and 15,175 square feet of additional air rights for a total buildable of 75,500 square feet according to PincusCo analysis of city data.
The signatory for Infinity Collective was Steven J. Kessin and Etienne E. Locoh Donou. The signatory for Turret Equities was David E. Dweck.

The 60,300-square-foot property generated revenue of $2.3 million or $39 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million.
This is the sale of the leasehold and separately, Turret Equities assumed the debt, which had an original principal of $8 million, for a potential total of $13.4 million, but this figure could not be confirmed. The seller purchased the leasehold in 2013 for $12.5 million. David E. Dweck is managing principal and founder of Turret Equities.  The fee position is owned by the Perlbinder family members Barton Mark Perlbinder and his daughter Muffy Perlbinder Flouret. 
In Grand Central, the majority, or 74 percent of the 47.4 million square feet of built space are office buildings, with residential elevator buildings next occupying 11 percent of the space. In sales, Grand Central has the highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Grand Central has had very little major development activity relative to other neighborhoods.It had 557,614 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 49 percent of the 1.6 million square feet of built space are office buildings, with residential elevator buildings next occupying 46 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Muffy Flouret, individual owner and Etienne Locoh, lessee. The business entities were Iuc 215 Madison Avenue Llc and Iuc 215 Madison Ave, Llc.
Within a 400-foot radius of 22 East 36th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $39 million. The most recent of the two was Community Church of New York which bought the three-unit mixed-use building (S2) on 24 East 35th Street for $6 million from Nobumasa on October 17, 2020.
Of those five items, three were loans above $5 million totaling $149.5 million. The most recent of the three was Union League Club which borrowed $7 million from Signature Bank secured by the 98,746-square-foot, one-unit industrial (P2) on 48 Park Avenue on November 3, 2021.

Direct link to Acris document. link