Eduard Nektalov pays $2.5M for office condo in Diamond District
Eduard Nektalov through the entity EBM Properties 2024 LLC paid $2.5 million to Andor Deutsch through the entity Anvic Estate LLC for the property at 62 West 47th Street in Midtown West, Manhattan. The expected use is owner-occupied.
The deal closed on September 4, 2024 and was recorded on September 17, 2024. The property has 3,209 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $784 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 seller bought the property on February 22, 2005, for $1.1 million. The signatory for Andor Deutsch was Joseph Pomerantz. The signatory for Eduard Nektalov was Eduard Nektalov. The contract date was November 20, 2023. Another Eduard Nektalov, a diamond dealer, was murdered in 2004. Edward Nektalov leads Eddie & Co. of NY, Inc. d/b/a Diamond Kingdom at 55 West 47th Street, Suite 330, which is the address of the buyer entity.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Eduard Nektalov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andor Deutsch had not purchased any other properties and had not sold any properties over the same time period.
The property
The property in Midtown West has 3,209 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,209 square feet. The city-designated market value for the property in 2022 is $1.7 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
For the tax lot building, it received its initial certificate of occupancy on April 1, 2016. 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 29 of the 41 commercial properties representing 1,034,134 square feet of the 1,198,913 square feet. The largest owner is Northwood Investors, followed by Extell Development and then Alishaev Brothers.
On the tax block, there were three new building construction projects totaling 761,391 square feet. The largest is a 752,759 square-foot 56 building submitted by David Rothstein with plans filed September 6, 2024 and it has not been permitted yet. The second largest is a 4,790 square-foot mercantile (M) building submitted by Roger Merriman with plans filed June 15, 2015 and it has not been permitted yet.
The majority, or 78 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.
The seller
The PincusCo database currently indicates that Andor Deutsch owned at least seven commercial properties with 73 residential units in New York City with 76,039 square feet and a city-determined market value of $12.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Kearny Bank. Within the portfolio, the bulk, or 63 percent of the 76,039 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. They are all located in Brooklyn.
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