Luxembourg-based Cofinance Group pays $9M to Ken Klaffky’s GAK Properties for properties in Lenox Hill
Luxembourg-based Cofinance Group paid $9 million in two transactions to Ken Klaffky’s GAK Properties for two commercial properties in Lenox Hill.
In the first transaction, Jean-Claude Pick’s Cofinance Group headquartered in Luxembourg through the entity 219 & 221 East 59th Street Owner, LLC paid Ken Klaffky’s GAK Properties $5.4 million for 221 East 59th Street in Lenox Hill. The deal closed on March 11, 2020, and was recorded on March 24, 2020. The transaction consists of 1 parcel, including the tax class primarily one family with store or office (S1). The property is 4,800 square feet. The parcel(s) have total development potential of 8,842 square feet.
The average sale price per square foot is $614.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second transaction, Cofinance Group through the entity 219 & 221 East 59th Street Owner, LLC paid Ken Klaffky’s GAK Properties LLC $5.4 million for 219 East 59th Street in Lenox Hill. The deal closed on March 11, 2020, and was recorded on March 24, 2020. The transaction consists of 1 parcel, including the tax class primarily two family with store or office (S2) and containing 2 residential units. The property is 4,800 square feet. The parcel(s) have total development potential of 8,842 square feet.
The average sale price per square foot is $614.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 2 residential (or hotel) units on March 3, 2020.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $90,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $235,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link