HUBB NYC pays $34M to Parkoff for 60-unit rental in Lenox Hill

HUBB NYC through the entity 345 E 64th St LLC paid $34 million to Parkoff Organization through the entity Plum 64 Assets LLC for the 60-unit residential elevator building (D7) at 345 East 64th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on January 10, 2025 and was recorded on January 16, 2025. The property has 50,225 square feet of built space and 252 square feet of additional air rights for a total buildable of 50,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $676 and the price per buildable square foot is $673 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 February 10, 2020, for $40 million. The signatory for Parkoff Organization was Adam Parkoff. The signatory for HUBB NYC was John P. McCarthy and Steven Dluzyn. The contract date was December 20, 2024. The property was subject to a $25 million loan in 2014.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased one property in one transaction for a total of $18.8 million and sold one property in one transaction for a total of $12 million over the past 24 months.
The seller Parkoff Organization purchased two properties in one transaction for a total of $290 million and sold one property in one transaction for a total of $8.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adam Parkoff, head officer and Allison Anderson, officer. The business entity is Plum 64 Assets, Llc.

The property

The residential elevator building with 60 residential units in Lenox Hill has 50,225 square feet of built space and 252 square feet of additional air rights for a total buildable of 50,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,050 square feet. The zoning is C2-8 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 $14.6 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 $50 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 10 of the 16 commercial properties representing 487,745 square feet of the 669,118 square feet. The largest owner is Stonehenge NYC, followed by Steven Rosenthal and then Parkoff Organization.
On the tax block, there was one new building construction project filed totaling 47,040 square feet. It is a 47,040 square-foot business (B) building submitted by Memorial Sloane Kettering and filed by Edward Mahoney with plans filed July 9, 2013 and permitted January 26, 2015.

The majority, or 71 percent of the 669,118 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Parkoff Organization owned at least 109 commercial properties with 6,064 residential units in New York City with 6,169,158 square feet and a city-determined market value of $599.5 million. (Market value is typically about 50% of actual value.) The portfolio has $635.5 million in debt, with top three lenders as New York Community Bank, Signature Bank, and Esquire Bank respectively. Within the portfolio, the bulk, or 79 percent of the 6,169,158 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. The bulk, or 32 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

The buyer

The PincusCo database currently indicates that Hubb Nyc owned at least 53 commercial properties with 1,403 residential units in New York City with 1,011,971 square feet and a city-determined market value of $353.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 1,011,971 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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