Luxstone pays $13.8M to Verbena Road for three walkups in Hell’s Kitchen

Luxstone Partners through the entity 640-644 10 LLC paid $13.8 million to Verbena Road Holdings through the entity Spi Maui LLC for the eight-unit walkup (C7) at 640 10th Avenue, the eight-unit walkup (C7) at 642 10th Avenue, and the eight-unit walkup (C7) at 644 10th Avenue in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on January 23, 2025 and was recorded on February 6, 2025. The three properties have 19,372 square feet of built space and 9,892 square feet of additional air rights for a total buildable of 29,257 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $712 and the price per buildable square foot is $471 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 Verbena Road Holdings was Dennis Wong. The signatory for Luxstone Partners was Joseph Stein. The contract date was September 23, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 640 10th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Luxstone Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Verbena Road Holdings had not purchased any other properties and sold five properties in one transaction for a total of $210 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gary Miranda, head officer and Daniel Hochberg, agent. The business entities are Mgt Property Management and Spi Maui Llc. Out of the three properties, one with a total of 19,372 square feet of built space generated revenue of $339,508 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, seven housing violations, and $10,640 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 block

On the tax block of 640 10th Avenue, PincusCo has identified the owners of 17 of the 36 commercial properties representing 147,322 square feet of the 326,368 square feet. The largest owner is Ralph Braha, followed by Leeds Associates and then Marin Management.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 326,368 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

Direct link to Acris document. link