Doctor pays $6.1M for 5-unit walkup in Grand Central, already owns on block

Aric Hausknecht, a medical doctor, through the entity 27e37 Realty Company LLC paid $6.1 million to William Seng through the entity Seng and Son for the five-unit residential walkup building (C2) at 27 East 37th Street in Grand Central, Manhattan.
The deal closed on May 9, 2024 and was recorded on May 14, 2024. The property has 6,075 square feet of built space and 3,800 square feet of additional air rights for a total buildable of 9,872 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,004 and the price per buildable square foot is $617 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 William Seng was William Seng. The signatory for Aric Hausknecht was Aric Hausknecht. The contract date was February 23, 2024. The buyer has an office on the same block, at 19 East 37th Street, which he owns with Linda C. Haus.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aric Hausknecht had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William Seng 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 William Seng, head officer and Jason Batista, site manager. The business entity is Seng And Son.

The property

The residential walkup building with 5 residential units in Grand Central has 6,075 square feet of built space and 3,800 square feet of additional air rights for a total buildable of 9,872 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 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 block

On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 165,401 square feet of the 1,303,869 square feet. The largest owner is Steven Krumholz, followed by Shel Capital and then Edward Eden.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 26 percent of the space.

Direct link to Acris document. link