Krown Point, MAG Partners, pay $5.2M to expand 114-unit Turtle Bay dev footprint

Krown Point Capital and MAG Partners through the entity 300 East 50th Street Owner LLC paid $5.2 million to Tree of Life Fellowship for the three-unit mixed-use building at 306 East 50th Street in Turtle Bay, Manhattan. This parcel is adjacent to an assemblage that the partners have already acquired, and that has plans filed for a 114-unit development.
The deal closed on January 19, 2022 and was recorded on February 4, 2022.
The property has 3,404 square feet of built space and 11,396 square feet of additional air rights for a total buildable of 14,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,542 and the price per buildable square foot is $354 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 signatory for Tree of Life Fellowship was Mayer Rabinowitz. The signatory for Krown Point Capital was Reggie Kronstadt.

The 3,404-square-foot property generated revenue of $187,322 or $55 per square foot, according to the most recent income and expense figures.

In Turtle Bay, the majority, or 52 percent of the 13.5 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Turtle Bay has had very little sales volume relative to other neighborhoods with $101.3 million in sales volume in the last two years. For development, Turtle Bay has had very little major development activity relative to other neighborhoods.It had 26,950 square feet of commercial and multi-family construction under development in the last two years, which represents 0.20 percent of the neighborhood’s built space.
On the tax block, the majority, or 69 percent of the 510,210 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.
Within a 400-foot radius of 306 East 50th Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit application filed on October 22, 2021 for a 117,895-square-foot R-2 building with 114 residential units at 300 East 50th Street.
Of those eight items, two were sales above $5 million totaling $75.2 million. The most recent of the two was Reggie Kronstadt which bought the 6,329-square-foot, two-unit mixed-use building (K4) on 932 2nd Avenue for $9 million from Greystone Development on November 8, 2021.
Of those eight items, five were loans above $5 million totaling $92.4 million. The most recent of the five was MAG Partners and Krown Point Capital which borrowed $33 million from Emerald Creek Capital secured by the 13,573-square-foot, one-unit townhouse (A4) on 308 East 50th Street and two other properties on January 31, 2022.

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