Debt holder Goodman acquires bankrupted Lenox Hill building valued at $25M
Former debt holder Goodman Capital through the entity Chai 73 LLC acquired at a value of $25 million from an Ender family bankrupted entity 51 East 73rd St LLC the 20-unit residential elevator building at 51-53 East 73rd Street in Lenox Hill, Manhattan. The property had claims valued at $25 million, as of about a year ago.
The deal closed on December 22, 2021 and was recorded on January 14, 2022.
The property has 12,321 square feet of built space and 1,966 square feet of additional air rights for a total buildable of 14,304 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,029 and the price per buildable square foot is $1,747 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 the Ender family (bankrupted entity) was Lori Lapin Jones. The signatory for Goodman Capital was Eric Goodman.
Prior to this transaction, the buyer Goodman Capital had not purchased any other properties and sold one property in one transactions for a total of $2.5 million over the past 24 months.
The 12,321-square-foot property generated revenue of $570,173 or $46 per square foot, according to the most recent income and expense figures.
The seller entity controlled by the Ender family filed for bankruptcy to hold off a foreclosure filing by lender Goodman Capital. The buyer was affiliated with the lender, Goodman Capital with Eric Goodman as signatory.
In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods. It had 436,108 square feet of commercial construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 67 percent of the 941,277 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 12 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Anthony Ender, joint owner and Paul Ender, site manager.
Within a 400-foot radius of 51-53 East 73rd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 28, 2020 for the $5 million renovation of the R-3 building with one residential unit at 39 East 74th Street.
Of those four items, three were sales above $5 million totaling $33.6 million. The most recent of the three was Spruce Capital which bought the 6,627-square-foot, nine-unit rental (C5) on 38 East 75th Street for $8.5 million from Anne B. Snee on January 3, 2022.
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