Edward Adler pays $7.7M for 34-unit rental in Yorkville

Edward Adler through the entity King Enterprises Ltd. paid $7.7 million to Santina Mondelli through the entity M & T 412 Realty Corp. for the 34-unit residential elevator building (D3) at 412 East 81st Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on May 1, 2025 and was recorded on May 16, 2025. The property has 22,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $340 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 Santina Mondelli was Santina Mondelli. The signatory for Edward Adler was Edward Adler. The contract date was February 6, 2025. Edward A.K. Adler is affiliated with Koeppel Companies, and owns other properties. Some are managed by GPG, the former Mautner-Glick.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Edward Adler had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Santina Mondelli had not purchased any other properties and sold one property in one transaction for a total of $3.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Antoinette Mondelli, head officer and Tina Mondelli, officer. The business entity is M&T 412 Realty Corp.

The property

The residential elevator building with 34 residential units in Yorkville has 22,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 102 feet deep with a total lot size of 5,108 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 $2.5 million. The property has 35 rent regulated units according to city tax records from 2023.

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 $150 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 13 of the 24 commercial properties representing 715,200 square feet of the 823,612 square feet. The largest owner is Jack Resnick & Sons, followed by Horatio Edward Holzer and then Rita Kalimian Sakhaie.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 823,612 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Edward Adler owned at least three commercial properties with 64 residential units in New York City with 31,708 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 31,708 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. They are all located in Manhattan.

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