Lockhill Properties pays $9M for 20-unit walkup in Yorkville
Lockhill Properties through the entity Lock3c LLC paid $9 million to Eric Taube, Jack Deutsch and others through the entity 324 Realty Equities LLC for the 20-unit residential walkup building at 324 East 84th Street in Yorkville, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 14, 2022.
The property has 16,840 square feet of built space and 3,575 square feet of additional air rights for a total buildable of 20,432 square feet according to PincusCo analysis of city data. The sale price per built square foot is $534 and the price per buildable square foot is $440 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 sellers was Lisa Breier Urban. The signatory for Lockhill Properties was Daniel Rothman.
Prior to this transaction, the buyer Lockhill Properties had not purchased any other properties and had not sold any properties over the past 24 months.
The 16,840-square-foot property generated revenue of $831,817 or $49 per square foot, according to the most recent income and expense figures.
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 $240,000.
Lockhill Properties is associated with the buyer LLC.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 71 percent of the 879,965 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Milton Taube, head officer and Kathleen Crowley, head officer. The business entity is 324 Realty Equities, Llc.
Within a 400-foot radius of 324 East 84th Street, Pincusco identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, one was in new building development. It was a new building permit application filed on October 1, 2021 for a 84,266-square-foot R-2 building with 70 residential units at 300 East 83rd Street.
Of those 12 items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially costed $2.2 million. The most recent of these two items was the temporary certificate of occupancy on November 12, 2020 for a 800-square-foot R-3 building with two residential units at 344 East 84th Street.
One of those 12 items was a sale which Efficiency Capital Advisors bought the 8,395-square-foot, 10-unit rental (C1) on 312 East 83rd Street for $10.2 million from Ventura family on January 7, 2021.
Of those 12 items, eight were loans above $5 million totaling $145.7 million. The most recent of the eight was Roxann Management which borrowed $47 million from KeyBank secured by one condo unit in the 13,080-square-foot, 15-unit mixed-use building (RM) on 1628 2nd Avenue and 11 other properties on February 4, 2022.
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