Doctor pays $11M for landmarked office property in Midtown East

Dimitry Goncharov through the entity 12 East 53 Realty LLC paid $11 million to Laboratory Institure of Merchandising through the entity The Laboratory Institute Of Merchandising, Inc. for the office building (O5) at 12 East 53rd Street in Midtown East, Manhattan.
The deal closed on June 28, 2024 and was recorded on July 12, 2024. The property has 18,934 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $580 per the PincusCo analysis.
The signatory for Laboratory Institute of Merchandising was Michael Donohue. The signatory for Dimitry Goncharov was Dimitry Goncharov. The contract date was June 11, 2024. Dimitry Goncharov is an OB-GYN medical doctor.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dimitry Goncharov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Laboratory Institute of Merchandising had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 37 feet and is 119 feet deep with a total lot size of 4,250 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $4.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.3 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 15.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 25 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 1,525,339 square feet of the 2,594,485 square feet. The largest owner is Sl Green Realty, followed by Madison Capital and then Fisher Brothers.
On the tax block, there was one new building construction project filed totaling 155,883 square feet. It is a 155,883 square-foot business (B) building submitted by Rolex Realty Company and filed by Robert Kaden with plans filed June 23, 2021 and permitted January 31, 2023.

The majority, or 89 percent of the 2.6 million square feet of built space are office buildings, with hotel buildings next occupying 9 percent of the space.

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