Mac Group Investments pays $5.3M for 7-unit rental in Gramercy
Florida-based Mac Group Investments through the entity 26 Gramercy LLC paid $5.3 million to George Prepis through the entity Vasos LLC for the seven-unit residential elevator building (D7) at 266 Third Avenue in Gramercy, Manhattan.
The deal closed on May 30, 2024 and was recorded on June 6, 2024. The property has 6,480 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $817.
The signatory for George Prepis was Vincent A. Balardi. The signatory for Mac Group Investments was Nicolas Dayan. The contract date was April 16, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Mac Group Investments had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George Prepis had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes George Prepis, head officer and Georgia Leandrou, agent. The business entities are Direct Management Corp. and Vasos Llc.
The property
The residential elevator building with 7 residential units in Gramercy has 6,480 square feet of built space. The parcel has frontage of 38 feet and is 75 feet deep with a total lot size of 2,850 square feet. The zoning is C1-9A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $50 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on January 24, 2018. 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 this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 329,451 square feet of the 342,205 square feet. The largest owner is Rfr Holding, followed by Parkoff Organization and then Mcr Hotels.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 342,205 square feet of built space are hotel buildings, with elevator buildings next occupying 33 percent of the space.
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