Jeffrey Shemia pays $10.3M for 3-family in Lenox Hill, owns adjacent townhouse

Jeffrey Shemia through the entity 54 East 66th Street Residence LLC paid $10.3 million to Peter Smith and Patricia Smith through the entity Hmpp Associates for the three-unit 1-4 family building (C0) at 54 East 66th Street in Lenox Hill, Manhattan.
The deal closed on April 18, 2023 and was recorded on April 26, 2023. The property has 4,940 square feet of built space and 3,090 square feet of additional air rights for a total buildable of 8,028 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,085 and the price per buildable square foot is $1,283 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 Peter Smith and Patricia Smith was Peter Smith and Patricia Smith. The signatory for Jeffrey Shemia was Todd Zuckerman. Jeffrey Shemia bought the adjacent property, 56 East 66th Street, for $8.5 million in September 2019.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jeffrey Shemia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Smith had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Lenox Hill has 4,940 square feet of built space and 3,090 square feet of additional air rights for a total buildable of 8,028 square feet 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 2,007 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 $8.9 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 $50 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 block

On this tax block, PincusCo has identified the owners of seven of the 17 commercial properties representing 85,111 square feet of the 166,657 square feet. The largest owner is Solil Management, followed by Sol Goldman Investments and then Sl Green Realty.
On the tax block, there was one new building construction project filed totaling 86,192 square feet. It is a 11-unit, 86,192 square-foot residential (R-2) building submitted by Robert Dewitt with plans filed February 7, 2019 and permitted February 7, 2022.

The majority, or 38 percent of the 166,657 square feet of built space are mixed-use buildings, with walkup buildings next occupying 31 percent of the space.

Correction: An earlier version of this post misspelled Jeffrey Shemia’s first name. 

Direct link to Acris document. link