Elo Organization pays $43M to Weinmann family for office in Midtown West

Jack Elo’s Elo Organization , which owns at least a half-dozen office buildings between 37th and 48th streets in Manhattan, through the entity Martz Holdings DE LLC paid $43 million to the estate of Edmund Weinmann through the entity 21 West 46th Street LLC for the office building (O6) at 21 West 46th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on January 24, 2025 and was recorded on January 29, 2025. The property has 75,008 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $573 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 Edmund Weinmann was Arline Weinmann and Justin Waiser. The signatory for Elo Organization was Jack Elo . The contract date was August 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Elo Organization had purchased any other properties and sold three properties in three transactions for a total of $23.5 million over the past 24 months.
The seller Edmund Weinmann had not purchased any other properties and had not sold any properties over the same time period. The 75,008-square-foot property generated revenue of $3.4 million or $46 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 75,008 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 66 feet and is 100 feet deep with a total lot size of 6,719 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $14.9 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 $775 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 3rd 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 most active neighborhood among other neighborhoods. It had 30.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 40 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

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 Extell Development and filed 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 buyer

The PincusCo database currently indicates that Elo Organization owned at least six commercial properties in New York City with 201,829 square feet and a city-determined market value of $53.8 million. (Market value is typically about 50% of actual value.) The portfolio has $25.1 million in debt, borrowed from JPMorgan Chase and Dime Community Bank. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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