Kassin Sabbagh Realty through the entity 452 W36 Bh LLC paid $5 million to Keystone Management through the entity Sereno Partners, LLC for the 20-unit residential walkup building (C4) at 452 West 36th Street in Hudson Yards, Manhattan.
The deal closed on November 9, 2023 and was recorded on November 16, 2023. The property has 10,425 square feet of built space and 4,442 square feet of additional air rights for a total buildable of 14,857 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $479 and the price per buildable square foot is $336 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 October 20, 2005, for $2 million. The signatory for Keystone Management was Dan Shalom. The signatory for Kassin Sabbagh Realty for the purchase was Ralph Dweck, and for the loan was Morris Sabbagh. The contract date was July 10, 2023.
The residential walkup building with 20 residential units in Hudson Yards has 10,425 square feet of built space and 4,442 square feet of additional air rights for a total buildable of 14,857 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 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 $450 in OATH penalties 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 eight of the 24 commercial properties representing 242,788 square feet of the 395,751 square feet. The largest owner is Sugar Hill Capital Partners, followed by Joy Construction and then Edison Properties.
On the tax block, there was one new building construction project filed totaling 178,014 square feet. It is a 186-unit, 178,014 square-foot residential (R-2) building submitted by Joy Construction and filed by Amnon Shalhov with plans filed November 4, 2013 and permitted August 29, 2014.
The majority, or 70 percent of the 395,751 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.
The PincusCo database currently indicates that Keystone Management owned at least three commercial properties with 14 residential units in New York City with 29,820 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Flushing Bank. Within the portfolio, the bulk, or 67 percent of the 29,820 square feet of built space are retail properties, with walkup properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.
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