Lenox Hill mixed-use sells for $3M

Il Sun Lee and In Yong Lee of 1422 Juno Realty Corp. paid $3 million to Mayfair Ocean LLC for the six-unit mixed-use building (S5) at 1422 2nd Avenue in Lenox Hill, Manhattan.
The deal closed on February 14, 2024 and was recorded on February 15, 2024. The property has 6,600 square feet of built space and 9,392 square feet of additional air rights for a total buildable of 16,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $454 and the price per buildable square foot is $187 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 the buyer was In Yong Lee. Harriet Levy signed for the seller.
This property is adjacent to the corner property, which is 1420 Second Avenue, owned by John Rapp.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Harriet Levy, head officer and Michael Mintz, officer. The business entities are Md Squared Property Group and Mayfair Ocean Llc.

The property

The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 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 $5.3 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 $1,250 in ECB penalties and $1,450 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 35 percent of the 52 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4 billion in sales volume in the last two years. For development, Lenox Hill is the 9th most active neighborhood among other neighborhoods. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 592,992 square feet of the 614,527 square feet. The largest owner is Betty Weg #, followed by Daniel Roshan and then Ditmas Management Corp..
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 614,527 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

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