Elliot T. Sohayegh through the entity Nyc 3rd Ave Holdings LLC paid $4.9 million to Roberta Greenberg through the entity 1301 Hgngst LLC for the six-unit residential walkup building at 1301 Third Avenue in Lenox Hill, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 11, 2022.
The property has 5,800 square feet of built space and 9,195 square feet of additional air rights for a total buildable of 15,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable square foot is $326 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 Roberta Greenberg was Roberta Greenberg. The signatory for Elliot T. Sohayegh was Elliot T. Sohayegh.
Prior to this transaction, the buyer Elliot T. Sohayegh purchased one property in one transaction for a total of $4.5 million and had not sold any properties over the past 24 months.
The 5,800-square-foot property generated revenue of $262,856 or $45 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $266,800.
The property was owned by the late Harold Greenberg.
In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods.It had 436,108 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 69 percent of the 473,021 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Roberta Greenberg, head officer and Helen Greenberg, officer. The business entity was 1301 Third Ave Llc.
Within a 400-foot radius of 1301 Third Avenue, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, five were sales above $5 million totaling $42.6 million. The most recent of the five was David James which bought the 5,315-square-foot, five-unit rental (C2) on 206 East 75th Street for $5.2 million from TLC Management on October 29, 2021.
Of those 14 items, nine were loans above $5 million totaling $99.7 million. The most recent of the nine was Caiola Family which borrowed $6.1 million from JPMorgan Chase secured by the 14,185-square-foot, 24-unit rental (D3) on 211 East 73rd Street and one other property on February 9, 2022.
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