Lenwich sandwich chain pays $3M for retail building in Lenox Hill

Sei Hoon “Lenny” Chu’s Lenwich Group, an affiliate of his Manhattan-based Lenwich sandwich chain, through the entity 792 Lexington Realty LLC, paid $3 million to Richard Metch through the entity Metsch Realty Company, LLC for the retail building at 792 Lexington Avenue in Lenox Hill, Manhattan.
The deal closed on February 3, 2022 and was recorded on February 16, 2022.
The property has 2,100 square feet of built space and 9,594 square feet of additional air rights for a total buildable of 11,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,428 and the price per buildable square foot is $256 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 Richard Metch was Richard Metch. The signatory for Lenwich Group was Sei Hoon “Lenny” Chu.
Prior to this transaction, the buyer Lenwich Group had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Richard Metch had not purchased any other properties and had not sold any properties over the same time period.

Sei Hoon “Lenny” Chu is the founder and CEO of Lenwich sandwich chain.

Lenwich was represented by Cory Zelnik of Zelnik & Company.
In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods.It had 436,108 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space.
On the tax block, the majority, or 53 percent of the 929,332 square feet of built space are residential elevator buildings, with office buildings next occupying 13 percent of the space.
Within a 400-foot radius of 792 Lexington Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1,000,000, one permit with a total initial cost of $2.9 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.7 million. The most recent of these three items was the filing on July 14, 2021 for a 26,516-square-foot E building with 0 residential units at 151 East 61st Street.
Of those seven items, four were loans above $5 million totaling $109.4 million. The most recent of the four was Vrahos LLC which borrowed $9.4 million from New York Community Bank secured by the 6,860-square-foot, nine-unit rental (C7) on 115 East 60th Street and three other properties on October 12, 2021.

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