Elysee Investment pays $7.3M to for 10-unit walkup in Carnegie Hill

Elysee Investment Corp through the entity Chasdei Hashem 81 LLC paid $7.3 million to Jong Mok Che through the entity J. Chay Enterprises LLC for the 10-unit residential walkup building (C4) at 161 East 81st Street in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on September 17, 2025 and was recorded on September 26, 2025. The property has 10,570 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $690 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 Jong Mok Che was Yoon Soo Che. The signatory for Elysee Investment Corp was Jonathan Dishi.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Elysee Investment Corp purchased six properties in two transactions for a total of $13.8 million and sold six properties in four transactions for a total of $13.3 million over the past 24 months.
The seller Jong Mok Che had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Yoonsoo Che, head officer. The business entity is J Chay Enterprises, Llc.

The property

The residential walkup building with 10 residential units in Carnegie Hill has 10,570 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 102 feet deep with a total lot size of 2,520 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 $5.1 million. The property has 8 rent regulated units according to city tax records from 2020.

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 five housing violations in the last year.

Development

On the lot, there is one active new building construction project, 123580348, for a five-unit, 9,988 square-foot R-2 building. The project was submitted by Jong Mok Che with plans filed July 12, 2018 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 106,331 square feet of the 310,752 square feet. The largest owner is Ronald Cherney, followed by S.W. Management and then Sma Equities.
On the tax block, there were two new building construction projects totaling 34,029 square feet. The largest is a nine-unit, 24,041 square-foot residential (R-2) building with plans filed April 18, 2013 and permitted January 17, 2017. The second largest is a five-unit, 9,988 square-foot residential (R-2) building submitted by Jong Mok Che with plans filed July 12, 2018 and it has not been permitted yet.

The majority, or 51 percent of the 310,752 square feet of built space are walkup buildings, with elevator buildings next occupying 44 percent of the space.

The buyer

The PincusCo database currently indicates that Elysee Investment Corp owned at least 30 commercial properties with 443 residential units in New York City with 498,657 square feet and a city-determined market value of $89.6 million. (Market value is typically about 50% of actual value.) The portfolio has $96.2 million in debt, with top three lenders as JPMorgan Chase, Bank of America, and Flushing Bank respectively. Within the portfolio, the bulk, or 73 percent of the 498,657 square feet of built space are walkup properties, with elevator properties next occupying 13 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Brooklyn next at 8 percent of the space.

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