Imian Partners, Valyrian Capital pay $6.6M to Avant Capital for mixed-use in Lenox Hill

Theodore Kakoyiannis’s Imian Partners and Valyrian Capital through the entity 52e64 Holdings LLC paid $6.6 million through a real estate owned transaction to Avant Capital through the entity Avant Capital 52 East 64th Street LLC for the four-unit property (D2) at 52 East 64th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on December 13, 2024 and was recorded on December 24, 2024. The property has 8,740 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $755 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, the former lender, took title to the property on January 4, 2024, in a $1.7 million transfer. The signatory for Avant Capital was Adam Luysterborghs. The signatory for Imian Partners and Valyrian Capital was Theodore Kakoyiannis. The contract date was September 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Imian Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avant Capital had not purchased any other properties and had not sold any properties over the same time period.

The property

The property with 4 residential units in Lenox Hill has 8,740 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,008 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $10.2 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 one DOB violation 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 nine of the 30 commercial properties representing 76,992 square feet of the 263,752 square feet. The largest owner is Leslie J. Garfield, followed by Graff International and then Graff.
There are no active new building construction projects on this tax block.

The majority, or 30 percent of the 263,752 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Imian Partners owned at least one commercial property with 64 residential units in New York City with 67,552 square feet and a city-determined market value of $13.6 million. (Market value is typically about 50% of actual value.) The portfolio has $26.5 million in debt, borrowed from United States Life Insurance Company. The portfolio consists of at least a single elevator property. It is located in Queens.

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