Haresh Sajnani pays $5.7M for 8-unit walkup in Lincoln Square

Haresh Sajnani through the entity Little Park, LLC paid $5.7 million to Shauna Fitzgibbons and Gary Alan Culliss for the eight-unit residential walkup building (C1) at 258 West 71st Street in Lincoln Square, Manhattan.
The deal closed on September 7, 2023 and was recorded on September 18, 2023. The property has 3,696 square feet of built space and 2,996 square feet of additional air rights for a total buildable of 6,696 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,542 and the price per buildable square foot is $851 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 May 25, 2005, for $2 million. The signatory for Shauna Fitzgibbons and Gary Alan Culliss was Shauna Fitzgibbons and Gary Alan Culliss. The signatory for Haresh Sajnani was Haresh Sajnani. The contract date was August 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Haresh Sajnani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shauna Fitzgibbons 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 Gary Culliss, joint owner and Shauna Fitzgibbons, joint owner.

The property

The residential walkup building with 8 residential units in Lincoln Square has 3,696 square feet of built space and 2,996 square feet of additional air rights for a total buildable of 6,696 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,674 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $2.3 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 $1,000 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 four of the 25 commercial properties representing 17,280 square feet of the 267,219 square feet. The largest owner is Mark Higgens, followed by John & Christina Galinos Of Christina Galinos and then George Aryeh.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 267,219 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

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