Efraim Shamayev pays $22.3M to TA Realty for office in Midtown West

Efraim Shamayev through the entity 1200 AOA Realty, LLC paid $22.3 million to TA Realty through the entity 1200 AOA Realty Associates, LLC for the office building (O5) at 1200 Avenue of the Americas in Midtown West, Manhattan.
The deal closed on May 24, 2023 and was recorded on June 6, 2023. The property has 21,600 square feet of built space and 7,395 square feet of additional air rights for a total buildable of 29,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,030 and the price per buildable square foot is $767 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 TA Realty was James P. Raisides. The signatory for Efraim Shamayev was Efraim Shamayev.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Efraim Shamayev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller TA Realty had not purchased any other properties and sold one property in one transactions for a total of $31.5 million over the same time period. The 21,600-square-foot property generated revenue of $2.5 million or $116 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 21,600 square feet of built space and 7,395 square feet of additional air rights for a total buildable of 29,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 38 feet deep with a total lot size of 2,900 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.7 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 received two DOB violations and $4,005 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 neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 16.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 17 of the 35 commercial properties representing 1,039,902 square feet of the 1,866,158 square feet. The largest owner is Zuda Chetrit, followed by United Overseas Bank and then Sunkar Satvaldiyev.
On the tax block, there were two new building construction projects totaling 227,777 square feet. The largest is a 534-unit, 168,897 square-foot hotel/dormitory/shelter (R-1) building submitted by Extell Development and filed by David Rothstein with plans filed November 20, 2020 and permitted December 28, 2022. The second largest is a 58,880 square-foot mercantile (M) building submitted by Michael Mcmenamin with plans filed June 1, 2016 and it has not been permitted yet.

The majority, or 87 percent of the 1.9 million square feet of built space are office buildings, with retail buildings next occupying 10 percent of the space.

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