Jianyu Zhang through the entity 222 West 71st Street LLC paid $3.8 million to Grace Duffield and James Duffield through the entity Estate Of John Duffield for the five-unit residential walkup building (C2) at 222 West 71st Street in Lincoln Square, Manhattan.
The deal closed on October 26, 2023 and was recorded on November 6, 2023. The property has 3,700 square feet of built space and 3,490 square feet of additional air rights for a total buildable of 7,196 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,036 and the price per buildable square foot is $532 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 Grace Duffield and James Duffield was Grace Duffield and James Duffield. The signatory for Jianyu Zhang was Jianyu Zhang.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Jianyu Zhang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Grace Duffield had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tokkie Duffield, joint owner and John Duffield, joint owner.
The residential walkup building with 5 residential units in Lincoln Square has 3,700 square feet of built space and 3,490 square feet of additional air rights for a total buildable of 7,196 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 1,799 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $2.9 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 six housing violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of five of the 25 commercial properties representing 20,976 square feet of the 267,219 square feet. The largest owner is Mark Higgens, followed by John & Christina Galinos Of Christina Galinos and then Haresh Sajnani.
There are no active new building construction projects on this tax block.
The majority, or 64 percent of the 267,219 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.
Direct link to Acris document. link