Elysee Investment pays $51M to Sirkin Realty for elevator, 2 walkup buildings in Manhattan

Avi Dishi and his Elysee Investment paid $51 million to Sirkin Realty in three separate transactions for an elevator and two walkup buildings in Manhattan.

In the first, Elysee Investment Corp through the entity Esther Management LLC paid $42 million to Sirkin Realty through the entity 4001 Broadway Associates, LLC for 42-unit residential elevator building at 4001 Broadway in Washington Heights, Manhattan.

In the second, Elysee Investment Corp through the entity Esther Management LLC paid $5 million to Sirkin Realty through the entity First Avenue Holdings, LLC for 16-unit residential walkup building at 1121 First Avenue in Lenox Hill, Manhattan.

In the third, Elysee Investment Corp through the entity Esther Management LLC paid $4 million to Sirkin Realty through the entity Marquis Management, LLC for 11-unit residential walkup building at 318 West 75th Street in Upper West Side, Manhattan.

The deals closed on December 20, 2021 and was recorded on January 11, 2022.
The largest property has 65,448 square feet of built space and 15,795 square feet of additional air rights for a total buildable of 81,270 square feet according to PincusCo analysis of city data. The sale price per built square foot is $641 and the price per buildable square foot is $516 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 Sirkin Realty was Ron Shoshany. The signatory for Elysee Investment Corp was Avi Dishi.
Prior to this transaction, the buyer Elysee Investment Corp purchased two properties in two transactions for a total of $15 million and had not sold any properties over the past 24 months.
The seller Sirkin Realty had not purchased any other properties and had not sold any properties over the same time period.
The 65,448-square-foot property generated revenue of $3.7 million or $56 per square foot, according to the most recent income and expense figures.

In Washington Heights, the majority, or 49 percent of the 78 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume in the city with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments in the city and is the 19th highest in Manhattan. It had 1 million square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 88 percent of the 4.8 million square feet of built space are specialty buildings, with residential elevator buildings next occupying 7 percent of the space. (The tax block includes two city blocks.)
The former owners according to the Department of Housing Preservation and Development included Natasha Moses, head officer and Gelson Baez, site manager. The business entity was 4001 Broadway Assoc, Llc.
Within a 400-foot radius of 4001 Broadway, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on April 20, 2020 for a 238,141-square-foot R-2 building with 132 residential units at 611 West 169th St.

Direct link to Acris document. link