Hildreth Real Estate Advisors pays $4.5M for mixed-use in Sutton Place

1068 Second Avenue (Credit - Google)

Hildreth Real Estate Advisors through the entity 1068 2nd Avenue LLC paid $4.5 million to Evans Cyprus through the entity 1068 2d Ave. LLC for the midblock three-unit mixed-use building at 1068 Second Avenue in Sutton Place, Manhattan.
The deal closed on May 13, 2022 and was recorded on May 26, 2022. The property has 4,584 square feet of built space and 10,001 square feet of additional air rights for a total buildable of 14,580 square feet according to PincusCo analysis of city data. The sale price per built square foot is $970 and the price per buildable square foot is $305 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 Evans Cyprus was Sarah Vinci. The signatory for Hildreth Real Estate Advisors was David L. Shorenstein. Evans Cyprus previously transferred the deed to the owner LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hildreth Real Estate Advisors purchased seven properties in seven transactions for a total of $28.3 million and has no record it sold any properties over the past 24 months.
The seller Evans Cyprus had not purchased any other properties and sold one property in one transaction for a total of $6.8 million over the same time period. The 4,584-square-foot property generated revenue of $324,846 or $71 per square foot, according to the most recent income and expense figures.

The property

The 1068 2nd Avenue parcel has frontage of 20 feet and is 70 feet deep with a total lot size of 1,458 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 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 $5 million on this tax lot.

The neighborhood

In Sutton Place, the majority, or 88 percent of the 14.7 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 3 percent of the space. In sales, Sutton Place has had very little sales volume relative to other neighborhoods with $71.5 million in sales volume in the last two years. For development, Sutton Place has had very little major development activity relative to other neighborhoods.It had 14,961 square feet of commercial and multi-family construction under development in the last two years, which represents 0.10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 17 commercial properties representing 3,800 square feet of the 660,086 square feet. The identified owner is Anthony Ventura. There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 893,264 square feet of built space are residential elevator buildings, with office buildings next occupying 3 percent of the space.

The buyer

The PincusCo database currently indicates that Hildreth Real Estate Advisors owned at least seven commercial properties with 29,758 square feet and a city-determined market value of $18.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 1068 2nd Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Stella Sklias borrowed $7.1 million from Dime Community Bank secured by the 6,000-square-foot, 14-unit rental (C7) on 1059 2nd Avenue and one other property on December 10, 2021.

Direct link to Acris document. link

Share this article