Isaac Lefkowitz pays $3.4M for 9-unit walkup in Turtle Bay
Isaac Lefkowitz through the entity 329 E 52nd LLC paid $3.4 million to Bart Murray through the entity 329 E. 52 Realty LLC for the nine-unit residential walkup building (C7) at 329 East 52nd Street in Turtle Bay, Manhattan.
The deal closed on August 3, 2023 and was recorded on August 9, 2023. The property has 6,366 square feet of built space and 1,167 square feet of additional air rights for a total buildable of 7,532 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $526 and the price per buildable square foot is $444 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 October 18, 2022, for $2.8 million. The signatory for Bart Murray was Bart Murray. The signatory for Isaac Lefkowitz was Isaac Lefkowitz. The contract date was August 3, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Isaac Lefkowitz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bart Murray purchased one property in one transaction for a total of $2.8 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes William Grimes, individual owner and Laura Grimes, site manager.
The property
The residential walkup building with 9 residential units in Turtle Bay has 6,366 square feet of built space and 1,167 square feet of additional air rights for a total buildable of 7,532 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,883 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 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 two DOB violations 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 seven of the 23 commercial properties representing 49,660 square feet of the 215,190 square feet. The largest owner is William Roth, followed by John Gibbons and then Dore Friedman.
On the tax block, there was one new building construction project filed totaling 197,288 square feet. It is a 113-unit, 197,288 square-foot residential (R-2) building submitted by Toll Brothers and filed by Joseph Clark with plans filed November 19, 2013 and permitted April 23, 2014.
The majority, or 42 percent of the 215,190 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.
The seller
The PincusCo database currently indicates that Bart Murray owned at least one commercial property with nine residential units in New York City with 6,366 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.
The buyer
The PincusCo database currently indicates that Isaac Lefkowitz owned at least one commercial property with seven residential units in New York City with 8,011 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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