Dominic Kim pays $11.2M for 10-unit walkup in Lenox Hill

Dominic Kim through the entity 805-807 East LLC paid $11.2 million to Angelo Tigri through the entity 201 Madison Realty Corp. for the 10-unit residential walkup building (C7) at 805 Lexington Avenue in Lenox Hill, Manhattan.
The deal closed on November 27, 2023 and was recorded on January 17, 2024. The property has 9,452 square feet of built space and 11,966 square feet of additional air rights for a total buildable of 21,411 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,179 and the price per buildable square foot is $520 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 Angelo Tigri was Angelo Tigri. The signatory for Dominic Kim was Dominic Kim. The contract date was September 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dominic Kim had purchased any other properties and sold two properties in one transaction for a total of $3.2 million over the past 24 months.
The seller Angelo Tigri purchased two properties in one transaction for a total of $3.2 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Michael Tigri, head officer. The business entity is 201 Madison Realty Corp.

The property

The residential walkup building with 10 residential units in Lenox Hill has 9,452 square feet of built space and 11,966 square feet of additional air rights for a total buildable of 21,411 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 70 feet deep with a total lot size of 2,379 square feet. The zoning is C1-8X which allows for up to 2 times floor area ratio (FAR) for commercial and up to 9 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.2 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 received five DOB violations and $350 in OATH penalties 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 two of the 15 commercial properties representing 7,766 square feet of the 97,712 square feet. The two identified owners are Icon Realty Management and Evans Cyprus.
On the tax block, there was one new building construction project filed totaling 11,654 square feet. It is a five-unit, 11,654 square-foot residential (R-2) building submitted by Michael D’Alessio with plans filed October 14, 2015 and it has not been permitted yet.

The majority, or 56 percent of the 97,712 square feet of built space are mixed-use buildings, with industrial buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Angelo Tigri owned at least two commercial properties in New York City with 8,445 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Bronx.

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