Flatiron District mixed-use sells for $10.4M

The entity 32 East 22nd Street, LLC paid $10.4 million to Robert Siegel through the entity SR 3222, LLC for the three-unit mixed-use building (S3) at 32 East 22nd Street in Flatiron District, Manhattan. The expected use is cash flowing.
The deal closed on November 21, 2024 and was recorded on December 5, 2024. The property has 8,900 square feet of built space and 4,109 square feet of additional air rights for a total buildable of 13,005 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,174 and the price per buildable square foot is $803 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 Robert Siegel was Robert Siegel. The signatory for 32 East 22nd Street, LLC was Gary Horn, an attorney. The contract date was August 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Siegel 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 Robert Siegel, head officer. The business entity is S R 3222 Llc.

The property

The mixed-use building with 3 residential units in Flatiron District has 8,900 square feet of built space and 4,109 square feet of additional air rights for a total buildable of 13,005 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 98 feet deep with a total lot size of 2,601 square feet. The zoning is M1-5M which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.2 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 not received any significant violations 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 neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.1 times the average sales volume among other neighborhoods with $534.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Flatiron District has 2.6 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 22 commercial properties representing 539,896 square feet of the 852,781 square feet. The largest owner is Centaur Properties, followed by Pan Am Equities and then Michael Grunberg.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 852,781 square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.

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