Fatih Yartas pays $3.3M for 5-unit rental in Turtle Bay

Fatih Yartas through the entity Woon Easy Living LLC paid $3.3 million to John S. Lego through the entity Ashley 312, LLC for the five-unit residential elevator building (D3) at 312 East 51st Street in Turtle Bay, Manhattan.
The deal closed on February 14, 2024 and was recorded on February 26, 2024. The property has 5,400 square feet of built space and 225 square feet of additional air rights for a total buildable of 5,628 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $586 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 seller bought the property on October 17, 2006, for $3.5 million. The signatory for John S. Lego was John S. Lego. The signatory for Fatih Yartas was Fatih Yartas. The contract date was December 8, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fatih Yartas had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John S. Lego had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sharon Gustafson, head officer and Dana Scheer, officer. The business entities are Jag Building Solutions, Llc and Ashley 312, Llc.

The property

The residential elevator building with 5 residential units in Turtle Bay has 5,400 square feet of built space and 225 square feet of additional air rights for a total buildable of 5,628 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 70 feet deep with a total lot size of 1,407 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 $4.2 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 $2,100 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 21 commercial properties representing 303,472 square feet of the 421,507 square feet. The largest owner is Toni Park, followed by Stonehenge NYC and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 421,507 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

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