Denali Management pays $5.4M for 27-unit rental in East Village

Denali Management through the entity 508-510 E 13 LLC paid $5.4 million to Vito Salerno through the entity Bru-Sal Realty Inc. for the 27-unit rental (C7) at 508-510 East 13th Street in East Village, Manhattan.
The deal closed on July 8, 2021 and was recorded on July 20, 2021.
The property has 16,002 square feet of built space and 0 square feet of additional air rights for a total buildable of 15,488 square feet according to PincusCo analysis of city data. The sale price per built square foot is $337 per the PincusCo analysis.
The signatory for Vito Salerno was Vito Salerno. The signatory for Denali Management was Jonathan Wiener.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The former owners according to the Department of Housing Preservation and Development included Vito Salerno, head officer and Sonia Cortez, site manager. The business entity was Brusal.
Within a 400-foot radius of 508-510 East 13th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on October 2, 2020 for a 10,589-square-foot R-2 building with 10 residential units residential units at 204 Avenue A.
Of those 11 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 16, 2019 for the $2.4 million renovation of 11,150-square-foot R-2 building with eight residential units at 202 Avenue A.
Of those 11 items, two were sales above $5 million totaling $19.4 million. The most recent of the two was Madison Realty Capital which bought the 10,090-square-foot, 22-unit rental (C7) on 510 East 12th Street for $9.9 million from GC Realty Advisors and Raphael Toledano bankrupt entities on May 12, 2021.
Of those 11 items, seven were loans above $5 million totaling $222.8 million. The most recent of the seven was Steve Tenedios which borrowed $5.9 million from New York Community Bank secured by the 12,613-square-foot, 23-unit rental (C7) on 228 Avenue B on June 4, 2021.

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