David Gold pays $4M for specialty in Carnegie Hill

David Gold through the entity Pad2 LLC paid $4 million to Filipinas Americas Science And Art Foundation for the specialty building (W3) at 1209 Park Avenue in Carnegie Hill, Manhattan.
The deal closed on March 8, 2023 and was recorded on March 17, 2023. The property has 4,724 square feet of built space and 15,280 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $850 and the price per buildable square foot is $201 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 Filipinas Americas Science And Art Foundation was Alejandro Samson. The signatory for David Gold was David Gold.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Gold had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Filipinas Americas Science And Art Foundation had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1209 Park Avenue parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

The property was involved in one court petition and zero bankruptcies over the past two years. The petition was a $3.8 million judgment concerning a leave to sell filed on May 23, 2022, by Filipinas-Americas Science and Art Foundation, Inc. with buyer David Gold. 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 57 percent of the 13.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Carnegie Hill has 3.5 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 829,842 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing 242,157 square feet of the 320,454 square feet. The identified owner is Milstein Properties.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 320,454 square feet of built space are elevator buildings, with mixed-use buildings next occupying 5 percent of the space.

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