Japan-based real estate firm pays $10.5M to Jacob Fulop for 20-unit walkup in Yorkville

Japan-based TATSUMI Building Synthesis Management Co. paid $10.5 million to Jacob Fulop through the entity 93rd Lofts LLC for the 20-unit residential walkup building (C1) at 322 East 93rd Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on February 28, 2025 and was recorded on March 4, 2025. The property has 8,390 square feet of built space and 1,686 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,251 and the price per buildable square foot is $1,042 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 12, 2021, for $4.4 million. The signatory for Jacob Fulop was Jacob Fulop. The signatory for TATSUMI Building Synthesis Management Co. was Masaaki Tsuda. The contract date was February 19, 2025. Masaaki Tsuda is a real estate broker. The buyer is a Japanese commercial real estate owner.

Lev Mavashev of Alpha Realty brokered both sides of the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer TATSUMI Building Synthesis Management Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Fulop purchased nine properties in nine transactions for a total of $38.2 million and sold one property in one transaction for a total of $2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Fulop, head officer and David Salamon, site manager. The business entity is 93rd Lofts Llc.

The property

The residential walkup building with 20 residential units in Yorkville has 8,390 square feet of built space and 1,686 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,517 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 $948,000. The most recent loan totaled $8.1 million and was provided by Hanover Community Bank on December 2, 2022.

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 $250 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 121188197, for a 18-unit, 8,362 square-foot R-2 building. The project was submitted by Bess Castagnello with plans filed April 24, 2018 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of 17 of the 32 commercial properties representing 181,626 square feet of the 323,464 square feet. The largest owner is Liberty Enterprises, followed by Ilan Elishayev and then Leviathan Capital.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 323,464 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Fulop owned at least 31 commercial properties with 271 residential units in New York City with 248,267 square feet and a city-determined market value of $48 million. (Market value is typically about 50% of actual value.) The portfolio has $169.8 million in debt, with top three lenders as Bank of Montreal, Bank of Princeton, and Bank Leumi respectively. Within the portfolio, the bulk, or 42 percent of the 248,267 square feet of built space are walkup properties, with elevator properties next occupying 22 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

Direct link to Acris document. link