Elo Realty Corp. pays $6M to Lee family for retail property in Plaza District

Elo Realty Corp. through the entity Franco Realty LLC paid Paula Boksil Lee Trust’s 37 West 46th Realty Corporation $6 million for 37 West 46th Street in Plaza District. The deal closed on October 26, 2020, and was recorded on October 29, 2020. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4) and containing 2 residential units. The property is 8,980 square feet.
The average sale price per square foot is $231.

Francine Elo was the signatory for the buyer. The contract date was September 3, 2020. The Lees sold air rights from this building to Gary Barnett’s Extell Development for $2.975 million for the development of the Gem Tower. This building was last sold in 1986.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $726,300. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $571,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Francine Elo