Krasne family sells mixed-use building for $9M on the Upper East Side

The entity 144 East 74th Street LLC paid Michael Krasne and Martin Krasne $9.3 million for 1031 Lexington Avenue in the Upper East Side. The deal closed on November 26, 2019, and was recorded on December 6, 2019. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4) and containing 4 residential units. The property is 4,812 square feet. The parcel(s) have total development potential of 11,496 square feet.
The average sale price per square foot is $805.
The estimated cap rate is 4.3%
The Krasnes each owned a 50 percent tenant-in-common interest. The new owners have divided the ownership into a 51 percent/49 percent TIC structure.The authorized signatory for the buyer was Sean Lefkowits.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $44,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link