Joseph Cvek pays $5M for residential walkup in Lenox Hill

Joseph Cvek through the entity Cvek 239 East 77th Street LLC paid $5 million to Craig Filipacchi through the entity The 239 East 77 Corp. for the 16-unit residential walkup building (C5) at 239 East 77th Street in Lenox Hill, Manhattan.
The deal closed on May 4, 2023 and was recorded on May 9, 2023. The property has 7,400 square feet of built space and 2,809 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 $675 and the price per buildable square foot is $489 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 November 19, 2015, for $7.5 million. The signatory for Craig Filipacchi was Ilyse Dolgenas. The signatory for Joseph Cvek was Joseph Cvek.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Cvek had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Craig Filipacchi 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 Craig Filipacchi, head officer and Cohen Cohen, officer. The business entities are Impact Real Estate Management and The 239 East 77 Corp. The 7,400-square-foot property generated revenue of $424,039 or $57 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Lenox Hill has 7,400 square feet of built space and 2,809 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $2.5 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 one DOB violation and $380 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 12 of the 21 commercial properties representing 172,337 square feet of the 264,383 square feet. The largest owner is Viking Management, followed by Sky Management and then S.W. Management.
On the tax block, there were two new building construction projects totaling 260,940 square feet. The largest is a 55-unit, 250,723 square-foot building submitted by Michael Witek with plans filed September 8, 2022 and it has not been permitted yet. The second largest is a two-unit, 10,217 square-foot residential (R-3) building submitted by Craig Filipacchi with plans filed October 29, 2014 and it has not been permitted yet.

The majority, or 76 percent of the 264,383 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Joseph Cvek owned at least four commercial properties with 84 residential units in New York City with 33,590 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link