Gillen Brewer School pays $12.9M to Spence-Chapin for four condo units in Yorkville

Gillen Brewer School through the entity The Gillen Brewer School paid $12.9 million to Spence-Chapin Services to Families and Children for office condo at 410 East 92nd Street in Yorkville, Manhattan.
The deal closed on August 23, 2022 and was recorded on September 6, 2022. The four properties have 16,370 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $788 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 Spence-Chapin Services to Families and Children was Ian Rowe and Yekaterina Trambitskaya. The signatory for Gillen Brewer School was Rebecca Skinner. Spence-Chapin Services to Families and Children is a non-profit organization that has been providing adoption and adoption support services.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gillen Brewer School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Spence-Chapin Services to Families and Children had not purchased any other properties and had not sold any properties over the same time period.

 

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The neighborhood

In Yorkville, the majority, or 60 percent of the 26.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 2.1 times the average sales volume among other neighborhoods with $717.7 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Yorkville has 1.6 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 410 East 92nd Street, PincusCo has identified the owners of six of the 22 commercial properties representing 98,962 square feet of the 895,451 square feet. The largest owner is Bayrock Capital, followed by Eli Zabar and then Slate Property Group.
There is one active new building construction project totaling 35,790 square feet. It is a 35,790-square-foot S-1 building developed by Stephen Mcbride with plans filed December 2, 2016 and permitted August 24, 2020.

The majority, or 70 percent of the 771,442 square feet of built space are elevator buildings, with industrial buildings next occupying 8 percent of the space.

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