John Ilibassi pays $5.3M for 22-unit rental in Gramercy owned for 60 years

John Ilibassi through the entity Two By Four Realty LLC paid $5.3 million to the family that controls the entity Seventy Six Irving Place Inc. for the 22-unit residential elevator building (D1) at 76 Irving Place in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on July 30, 2025 and was recorded on August 12, 2025. The property has 12,492 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $424 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 the late Elizabeth Ann Curley was her niece Anne Marie Lucchesi. The signatory for John Ilibassi was John Ilibassi. The contract date was July 2, 2025. The family of the late Elizabeth Ann Curley acquired the building in 1945. Elizabeth-Curley Curley died in 2018 at the age of 90.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer John Ilibassi purchased three properties in three transactions for a total of $18.4 million and has no record it sold any properties over the past 24 months.
The seller Elizabeth Ann Curley 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 Annmarie Lucchesi, head officer and Hugh Zanger, officer. The business entities are Orsid NY and 76 Irving Place Inc. The 12,492-square-foot property generated revenue of $502,986 or $40 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 22 residential units in Gramercy has 12,492 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 106 feet deep with a total lot size of 2,773 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Gramercy Park Historic District. The city-designated market value for the property in 2022 is $2.2 million. The property has 15 rent regulated units according to city tax records from 2023.

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 13 housing 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 six of the 26 commercial properties representing 80,804 square feet of the 836,416 square feet. The largest owner is Ditmas Management Corp., followed by S.W. Management and then Sabet Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 836,416 square feet of built space are office buildings, with elevator buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that John Ilibassi owned at least 13 commercial properties with 389 residential units in New York City with 347,669 square feet and a city-determined market value of $58 million. (Market value is typically about 50% of actual value.) The portfolio has $32.4 million in debt, borrowed from JPMorgan Chase and Capital One. Within the portfolio, the bulk, or 66 percent of the 347,669 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Queens next at 45 percent of the space.

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