Japanese firm pays $15.3M to GPG Properties for 2 walkups with 28 units in Yorkville

The Japan-based firm Success Pro Co. paid $15.3 million to the Glick family’s GPG Properties for adjacent residential walkups in Yorkville at 222 and 220 East 85th Street in two transactions. GPG Properties, formerly known as Mautner-Glick Corp., is a major multifamily owner with dozens of buildings and more than 1,000 units, according to a PincusCo analysis of city records.

In the first of the two sales, Success Pro Co. through its affiliate Koto Estate Co., Ltd. paid $8 million to GPG Properties through the entity Glass & Oil, LLC for the 13-unit residential walkup building (C4) at 222 East 85th Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on August 14, 2024 and was recorded on August 23, 2024. The property has 9,180 square feet of built space and 935 square feet of additional air rights for a total buildable of 10,112 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $871 and the price per buildable square foot is $791 per the PincusCo analysis.

In the second, Success Pro Co. through its affiliate Koto Estate Co., Ltd. paid $7.3 million to GPG Properties through the entity Glass & Oil, LLC for the 15-unit residential walkup building (C4) at 220 East 85th Street in Yorkville, Manhattan. The expected use is cash flowing. The deal closed on August 14, 2024 and was recorded on August 23, 2024. The property has 9,290 square feet of built space and 919 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $785 and the price per buildable square foot is $714 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 May 22, 2013, for $4 million. The signatory for GPG Properties was Jason Glick. The contract date was July 2, 2024. Koto Estate Co. bought a hotel in Long Beach, The Real Deal reported. Koto Estate Co is an affiliate of Success Pro Co. of Japan. The buyer entity is in care of Scott Lerman’s Rialto Management, a property management firm.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Success Pro Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller GPG Properties purchased two properties in two transactions for a total of $9.8 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 Jason Glick, head officer and Kristjan Tinaj, site manager. The business entities are GPG Management and Glass & Oil Llc.

The property

The residential walkup building with 13 residential units in Yorkville has 9,180 square feet of built space and 935 square feet of additional air rights for a total buildable of 10,112 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 102 feet deep with a total lot size of 2,528 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 $3.1 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 not received any significant 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 20 of the 38 commercial properties representing 304,634 square feet of the 490,850 square feet. The largest owner is Caiola Family, followed by SMA Equities and then GPG Properties.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 490,850 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that GPG Properties owned at least 46 commercial properties with 1,030 residential units in New York City with 676,558 square feet and a city-determined market value of $203.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 676,558 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 93 percent of the built space, is in Manhattan, with Brooklyn next at 7 percent of the space.

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