Giorgio Angelini pays $6.9M for 4-family in Turtle Bay

Giorgio Angelini through the entity 409 E. 51st, LLC paid $6.9 million to Carol Hayden Perowne for four-unit property (C5) at 409 East 51st Street in Turtle Bay, Manhattan.
The deal closed on February 17, 2023 and was recorded on March 8, 2023. The property has 3,500 square feet of built space and 4,029 square feet of additional air rights for a total buildable of 7,532 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,964 and the price per buildable square foot is $912 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 Carol Hayden Perowne was Carol Hayden Perowne. The signatory for Giorgio Angelini was Giorgio Angelini.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Giorgio Angelini had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carol Hayden Perowne 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 Carol Hayden Perowne, individual owner and Alexandra Hayden, agent.

The property

The 409 East 51st Street parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,883 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 $2.2 million.

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 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 block

On the tax block, there was one new building construction project filed totaling 20,408 square feet. It is a 13-unit, 20,408-square-foot R-2 building developed by Cheskel Strulovitch with plans filed August 26, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 71,063 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

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