Hyman Azar pays $7.1M to Sutton Management for 50% stake in retail in Mt Eden

UPDATED 12:00 p.m., March 20, 2025: Hyman Azar through the entity HA 170th Street Owner LLC paid $7.1 million through a partial interest to Sutton Management through the entity C.S. Realty Associates for the retail building (K1) at 54 East 170th Street in Mt Eden, Bronx.
The deal closed on March 7, 2025 and was recorded on March 19, 2025. The property has 14,500 square feet of built space and 73,815 square feet of additional air rights for a total buildable of 88,343 square feet according to a PincusCo analysis of city data. The sale price per built square foot when calculated at full value is $972 and the price per buildable square foot is $158 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 Sutton Management was Abraham Sutton. The signatory for Hyman Azar was Hyman Azar. The contract date was March 7, 2025. This is for a 50% stake

Prior sales and revenue

The seller Sutton Management had not purchased any other properties and sold one property in one transaction for a total of $2.1 million over the same time period. The 14,500-square-foot property generated revenue of $1.4 million or $97 per square foot, according to the most recent income and expense figures.

The property

The retail building in Mt Eden has 14,500 square feet of built space and 73,815 square feet of additional air rights for a total buildable of 88,343 square feet according to a PincusCo analysis of city data. The parcel has frontage of 151 feet and is 100 feet deep with a total lot size of 14,675 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.3 million. The most recent loan totaled $8.1 million and was provided by Signature Bank on March 5, 2020.

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 one DOB violation and $22,370 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 neighborhood

In Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has had very little sales volume relative to other neighborhoods with $79.2 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 686,509 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 18 commercial properties representing 305,962 square feet of the 468,358 square feet. The largest owner is Sutton Management, followed by Alex Adjmi and then David Greenberg Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 468,358 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Sutton Management owned at least 11 commercial properties with 202 residential units in New York City with 398,409 square feet and a city-determined market value of $96.7 million. (Market value is typically about 50% of actual value.) The portfolio has $173.3 million in debt, with top three lenders as New York Community Bank, Customers Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 48 percent of the 398,409 square feet of built space are elevator properties, with office properties next occupying 38 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

Correction: A prior version of this post incorrectly identified the buyer as Joseph Del Vecchio.

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