Elisheva Realty pays $4.6M to Kushner, C-III Capital for 20-unit walkup in Yorkville

Elisheva Realty through the entity G Naim 88 LLC paid $4.6 million to Kushner Companies and C-III Capital Partners through the entity Kc3 – 504 East 88th Street, LLC for the 20-unit residential walkup building (C1) at 504 East 88th Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on June 26, 2025 and was recorded on July 9, 2025. The property has 8,420 square feet of built space and 1,636 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $546 and the price per buildable square foot is $456 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 March 27, 2015, for $8.4 million. The signatory for Kushner Companies and C-III Capital Partners was Matthew Burrows . The signatory for Elisheva Realty was Sean Sedaghatpour . The contract date was April 15, 2025.

Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Elisheva Realty purchased eight properties in one transaction for a total of $3.8 million and has no record it sold any properties over the past 24 months.
The seller Kushner Companies purchased two properties in two transactions for a total of $39.8 million and sold 25 properties in 15 transactions for a total of $217.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Tara Dexter, head officer. The business entity is Kc 504 East 88 Street Llc. The 8,420-square-foot property generated revenue of $594,290 or $71 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in Yorkville has 8,420 square feet of built space and 1,636 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,517 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 $2.9 million. The property has 6 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 $1,770 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 10 of the 22 commercial properties representing 342,578 square feet of the 459,863 square feet. The largest owner is A&E Real Estate Holdings, followed by Hubb Nyc and then Ditmas Management Corp..
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 459,863 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Kushner Companies owned at least 30 commercial properties with 534 residential units in New York City with 471,762 square feet and a city-determined market value of $166.5 million. (Market value is typically about 50% of actual value.) The portfolio has $485.8 million in debt, with top three lenders as AIG, Argentic Investment Management, and MSC 2019-L3 respectively. Within the portfolio, the bulk, or 55 percent of the 471,762 square feet of built space are walkup properties, with office properties next occupying 20 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.

The buyer

The PincusCo database currently indicates that Elisheva Realty owned at least 12 commercial properties with 34 residential units in New York City with 41,305 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 41,305 square feet of built space are walkup properties, with industrial properties next occupying 16 percent of the space. The bulk, or 75 percent of the built space, is in Brooklyn, with Manhattan next at 25 percent of the space.

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