Levi Neubort pays $4.6M to Platinum Realty Associates for 3-unit townhouse in Sutton Place

Levi Neubort paid $4.6 million to Platinum Realty Associates through the entity 63 Realty West LLC for the three-unit townhouse (C0) at 409 East 58th Street in Sutton Place, Manhattan.
The deal closed on January 4, 2023 and was recorded on January 18, 2023. The property has 3,200 square feet of built space and 13,542 square feet of additional air rights for a total buildable of 16,740 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,437 and the price per buildable square foot is $274 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 seller bought the property on December 15, 2016, for $4.5 million. The signatory for Platinum Realty Associates was Joseph Misk. The signatory for Levi Neubort was Levi Neubort. The contract date provided was December 23, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Levi Neubort had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Platinum Realty Associates purchased seven properties in six transactions for a total of $26.1 million and sold one property in one transaction for a total of $3 million over the same time period.

The property

The 409 East 58th Street parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,674 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 24,494 square feet of the 47,061 square feet. The identified owner is Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 43,236 square feet of built commercial space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Platinum Realty Associates owned at least 82 commercial properties in New York City with 609,635 square feet and a city-determined market value of $94.8 million. (Market value is typically about 50% of actual value.) The portfolio has $43.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 52 percent of the 609,635 square feet of built space are retail properties, with office properties next occupying 31 percent of the space. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 23 percent of the space.

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