Edmond Safra’s EMS Capital pays $9.1M for retail in Lenox Hill

Edmond M. Safra’s EMS Capital through the entity EMS 38 E 61 LLC paid $9.1 million to Mosbacher Properties Group through the entity 38 East 61st Street LLC for the retail condo at 40 East 61st Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on August 9, 2024 and was recorded on August 13, 2024. The property has 19,897 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $459 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 purchase was financed with an $8.8 million acquisition loan given by Safra National Bank.
The signatory for Mosbacher Properties Group was Arline E. Vogel. The signatory for EMS Capital was Edmond M. Safra. The contract date was August 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer EMS Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mosbacher Properties Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Lenox Hill has 19,897 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 19,897 square feet. The city-designated market value for the property in 2022 is $14.3 million. The most recent loan totaled $8.8 million and was provided by Northeast Bank on June 2, 2021.

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 Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.2 billion in sales volume in the last two years. For development, Lenox Hill is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 700,225 square feet of the 1,251,557 square feet. The largest owner is Partyoftwo Llc, followed by Adler Group and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 1.3 million square feet of built space are hotel buildings, with office buildings next occupying 48 percent of the space.

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