Kings Capital pays $3.4M for 7-unit mixed-use in NoMad

Jeffrey Znaty and George Giannopoulos’s Kings Capital paid $3.4 million to Prakash C. Sinha for 109 East 29th Street in NoMad, Manhattan. The contract was signed on May 10, 2023 and the sale closed December 29, 2023. The sale has not yet been recorded in public records as of publication.

The new owners have already filed plans for the property. Tommy Giannopoulos of Kings Capital submitted a major alteration application for a rehab of the seven-unit residential (J-2) building at 109 East 29 Street in NoMad, Manhattan. The plan was filed with the New York City Department of Buildings on November 10, 2023 under job number M00959841. It call for a rehab of the four-story building. The project is described in the filing as: interior renovations and change of use to convert front unit into commercial space on the first floor of a 4-story with cellar building.

The brokers on the sale were Amit Doshi and Shallini Mehra of Meridian Capital Group.

The property

The walkup building with 7 residential units in NoMad has 5,760 square feet of built space and 2,133 square feet of additional air rights for a total buildable of 7,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 98 feet deep with a total lot size of 1,975 square feet. The zoning is C4-5A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 million.

Prior sales and revenue

The 5,760-square-foot property generated revenue of $241,459 or $42 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received three DOB violations in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $17.7 million commercial foreclosure concerning a loan filed on January 31, 2023, by Northwind Group and Ran Eliasaf against Prakash C. Sinha.

The neighborhood

In NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $364.4 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 14th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 38 commercial properties representing 437,942 square feet of the 638,023 square feet. The largest owner is Algin Management, followed by Caiola Family and then Charles Paris Of Milagros Paris-Merchant. On the tax block, there were three new building construction projects totaling 92,892 square feet. The largest is a 57-unit, 63,933 square-foot residential (R-2) building submitted by Evenhar Development and filed by Oren Evenhar with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a 12-unit, 15,433 square-foot residential (R-2) building submitted by Idan Magen with plans filed August 28, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Kings Capital owned at least seven commercial properties with 68 residential units in New York City with 52,542 square feet and a city-determined market value of $16.1 million. (Market value is typically about 50% of actual value.) The portfolio has $30.2 million in debt, borrowed from Webster Bank and Maxim Credit Group. Within the portfolio, the bulk, or 90 percent of the 52,542 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

The owners according to the Department of Housing Preservation and Development includes Gunja Sinha, head officer and Scot Hirschfield, agent. The business entities are General Property Management Associates Inc. and Sinha Development Llc.

The surrounding

Within a 400-foot radius of 109 East 29 Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, four were sales above $5 million totaling $24.1 million. The most recent of the four was Quynh T. Nguyen which bought the 5,708-square-foot, seven-unit mixed-use building (S5) on 137 Lexington Avenue for $5.1 million from R.A. Cohen & Associates on October 3, 2023. Of those eight items, four were loans above $5 million totaling $39.5 million. The most recent of the four was Gorjian Real Estate Group and Witnick Real Estate Partners in which borrowed $5 million from Dime Community Bank secured by the 4,486-square-foot, nine-unit rental (C7) on 118 East 31st Street and one other property on January 6, 2023.

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