Howard Hershkovich through HF Capital pays Caporusso family $61M for UES portfolio
Howard Hershkovich through his HF Capital paid the Caporusso family $61 million for a portfolio of Upper East Side rentals in four separate transactions. Hershkovich is also affiliated with Tissa Management.
In the first, HF Capital and Howard Hershkovich through the entity HF UES Acquisition LLC acquired an interest from the Caporusso family valued at $24.6M for the 42-unit rental (D3) at 418 East 77th Street in Upper East Side, Manhattan, 16-unit rental (C7) at 1409 York Avenue in Upper East Side, Manhattan, and 10-unit rental (C4) at 422 East 77th Street in Upper East Side, Manhattan.
The deal closed on August 30, 2021 and was recorded on October 4, 2021.
The five properties have 66,353 square feet of built space and 25,562 square feet of additional air rights for a total buildable of 91,894 square feet according to PincusCo analysis of city data. The sale price per built square foot is $371 and the price per buildable square foot is $268 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.)
Howard Hershkovich is a principal with Tissa Management and HF Capital, according to his LinkedIn page. This was an entity level transaction, not a deed transfer.
The former owners according to the Department of Housing Preservation and Development included Frank Caporusso, head officer and Christina Caporusso, officer. The business entity was Capmar Realty Corporation.
Within a 400-foot radius of 1409 York Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $700,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $3 million. The most recent of these two items was the filing on September 2, 2021 for a 15,112-square-foot B building with 0 residential units at 510 East 74th Street.
Of those five items, two were sales above $5 million totaling $25.4 million. The most recent of the two was Lycee Francais De New York which bought the 17,787-square-foot, 21-unit rental (D7) on 1414 York Avenue for $18.1 million from Musano family on March 12, 2021.
One of those five items was a loan which Salvatore Vona borrowed $6.5 million from Apple Bank For Savings secured by the 16,700-square-foot, 25-unit rental (C7) on 435 East 75th Street and one other property on May 12, 2020.
Direct link to Acris document. link