Ennismore pays $4.4M for 7-unit walkup in Gramercy
241 East 18th Street (Credit - Google)
Ennismore through the entity Whitehall Ennismore 18 LLC paid $4.4 million to Adrian Slywotzky through the entity 241 East 18th Street LLC for the seven-unit residential walkup building (C5) at 241 East 18th Street in Gramercy, Manhattan.
The deal closed on July 12, 2022 and was recorded on July 22, 2022. The property has 4,940 square feet of built space and 2,115 square feet of additional air rights for a total buildable of 7,050 square feet according to PincusCo analysis of city data. The sale price per built square foot is $890 and the price per buildable square foot is $624 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.)W. Alexander Budney is a principal with Ennismore LLC, which acts as an investor and asset manager in real estate.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Chrystia Slywotzky, head officer and Adrian Slywotzky, officer. The business entity is 241 East 18th Street Llc.
The property
The 241 East 18th Street parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 2,350 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 13,152 square feet of the 193,398 square feet. The identified owner is Icon Realty Management.
There are no active new building construction projects on this tax block.
The majority, or 45 percent of the 193,398 square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.
Surrounding
Within a 400-foot radius of 241 East 18th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 11, 2020 for the $275,000 renovation of 136,195-square-foot R-2 building with 126 residential units at 305 2nd Avenue.
Of those five items, three were sales above $5 million totaling $45.5 million. The most recent of the three was Gail Schargel which bought the 5,000-square-foot, two-unit two-family building (B1) on 216 East 18th Street for $7.4 million from Josely Carvalho De Oliveira and Ross WisdomGail Schargel on June 28, 2022.
One of those five items was a loan which Clipper Equity borrowed $232.5 million from G4 Capital Partners secured by 122 condo units in the 1,160-square-foot, 223-unit condo (R4) on 230 East 20th Street on January 6, 2021.
Direct link to Acris document. link