Kano Real Estate plans 9 duplexes in 15-story building with retail in Yorkville

Noam Shemel, principal of Kano Real Estate Investors, submitted a new building construction project for a nine-unit, 25,754 square-foot residential (R-2) building at 1477 Third Avenue in Yorkville, Manhattan. All the residential units will be duplexes. The plan was filed with the New York City Department of Buildings on December 9, 2022 under job number M08025206. It calls for the construction of a 15-story building with retail on the first floor, and duplex apartments on the second to 15th floors. The architect is BKSK Architects.

The property

The property is owned by Kano Real Estate Investors. The parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,596 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 $2.4 million.

Prior sales and revenue

This property was sold by Rodney V. R. Spring for $8.5 million to Kano Real Estate Investors on July 15, 2022.

The 4,745-square-foot property generated revenue of $477,795 or $101 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Yorkville, The majority, or 60 percent of the 26.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has near average sales volume among other neighborhoods with $720.9 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 22 commercial properties representing 81,348 square feet of the 248,843 square feet. The largest owner is LC Lemle Real Estate Group, followed by Sky Management and then Alan Tauber. On the tax block, there was one new building construction project filed totaling 25,754 square feet. It is a nine-unit, 25,754 square-foot residential (R-2) building submitted by Kano Real Estate and filed by Noam Shemel with plans filed December 9, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Kano Real Estate Investors owned at least 18 commercial properties with 136 residential units in New York City with 151,737 square feet and a city-determined market value of $76.1 million. (Market value is typically about 50% of actual value.) The portfolio has $43.6 million in debt, borrowed from Israel Discount Bank. Within the portfolio, the bulk, or 52 percent of the 151,737 square feet of built space are walkup properties, with mixed-use properties next occupying 36 percent of the space. They are all located in Manhattan.

The surrounding

Within a 400-foot radius of 1477 3 Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit application filed on July 16, 2021 for a 120,969-square-foot residential (R-2) building with 106 residential units at 250 East 83rd Street. One of those four items was a sale which Debra Kalimian bought the 9,767-square-foot, 16-unit rental (C7) on 1497 3rd Avenue for $6.7 million from Albert Kalimian, Rita Kalimian Sakhaie, and Justin Amirian on May 25, 2022. Of those four items, two were loans above $5 million totaling $40 million. The most recent of the two was SMA Equities in which borrowed $34.3 million from Safra National Bank secured by the 29,227-square-foot, 17-unit office building (O5) on 1491 3rd Avenue and two other properties on October 7, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.