John Sullivan pays $4.4M for 12-unit walkup in Turtle Bay

John D. Sullivan through the entity 308 East 49 Realty LLC paid $4.4 million to Louis Sabin and Sol Marc Klapholtz through the entity 308 East 49, LLC for the 12-unit residential walkup building (C7) at 308 East 49th Street in Turtle Bay, Manhattan. The expected use is cash flowing.
The deal closed on August 28, 2024 and was recorded on October 18, 2024. The property has 7,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $632  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 Louis Sabin and Sol Marc Klapholtz was Louis S. Sabin and Sol Marc Klapholtz. The signatory for John D. Sullivan was John D. Sullivan. The contract date was April 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John D. Sullivan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Louis Sabin 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 Bertram Klapholtz, head officer and Francene Sabin, officer. The business entity is Ebmg Llc.

The property

The residential walkup building with 12 residential units in Turtle Bay has 7,000 square feet of built space and 18,104 square feet of additional air rights for a total buildable of 25,110 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 2,511 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million. The property has 3 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 $1,000 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 five of the 13 commercial properties representing 51,074 square feet of the 387,675 square feet. The largest owner is Solil Management, followed by Sba Site Management, Llc and then Benedict Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 387,675 square feet of built space are specialty buildings, with walkup buildings next occupying 23 percent of the space.

Direct link to Acris document. link