David Khaloyan pays $5.5M for 8-unit walkup in Lenox Hill

David Khaloyan through the entity 1134 1st Ave, LLC paid $5.5 million to Samuel Dalembert through the entity Ny Feat, LLC for the eight-unit residential walkup building (C7) at 1134 1st Avenue in Lenox Hill, Manhattan.
The deal closed on February 16, 2024 and was recorded on February 20, 2024. The property has 9,775 square feet of built space and 10,469 square feet of additional air rights for a total buildable of 20,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $559 and the price per buildable square foot is $269 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 seller bought the property on February 24, 2014, for $8.7 million. The signatory for Samuel Dalembert was Samuel Dalembert. The signatory for David Khaloyan was David Khaloyan. The contract date was November 22, 2023. David Khaloyan is a principal of Khaloyan Kapital, according to a LinkedIn page.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer David Khaloyan purchased three properties in three transactions for a total of $8.3 million and has no record it sold any properties over the past 24 months.
The seller Samuel Dalembert had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Samuel Dalembert, head officer and Alfredo Sepulveda, site manager. The business entity is Ny Feat, Llc.

The property

The residential walkup building with 8 residential units in Lenox Hill has 9,775 square feet of built space and 10,469 square feet of additional air rights for a total buildable of 20,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 81 feet deep with a total lot size of 2,025 square feet. The zoning is C1-9 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 $7.8 million. The most recent loan totaled 0.0 and was provided by DD Notes LLC on August 10, 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4 million commercial foreclosure concerning a loan filed on August 29, 2023, by DD Notes LLC, Steve Hackel, and ASLD Realty against Samuel Dalembert. In addition, according to city public data, the property has received two DOB violations, $6,250 in ECB penalties, two housing violations, $7,530 in OATH penalties, and one housing litigation 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 seven of the 10 commercial properties representing 60,133 square feet of the 799,341 square feet. The largest owner is Vincent Young, followed by Samuel Dalembert and then Janet Giaimo Vitale.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 799,341 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Samuel Dalembert owned at least one commercial property with eight residential units in New York City with 9,775 square feet and a city-determined market value of $7.8 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.

The buyer

The PincusCo database currently indicates that David Khaloyan owned at least five commercial properties with 35 residential units in New York City with 24,449 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 80 percent of the 24,449 square feet of built space are walkup properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.

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