MacArthur Capital Group pays $6M to Schneider & Schneider for retail in Midtown East

MacArthur Capital Group through the entity Mp 667 LLC paid $6 million to Lynn Schneider through the entity 56th Lexington Holding, LLC for the retail condo at 140 East 56th Street in Midtown East, Manhattan.
The deal closed on February 28, 2024 and was recorded on March 5, 2024. The property has 11,425 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $520 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 Lynn Schneider was Lynn Schneider. The contract date was January 30, 2024. Lynn Schneider founded Schneider & Schneider in 2007 with her father, the late Irving Schneider, a sometime parter with the late real estate investor Harry Helmsley.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer MacArthur Capital Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lynn Schneider had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Midtown East has 11,425 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 11,425 square feet. The city-designated market value for the property in 2022 is $6.9 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 not received any significant violations 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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.8 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 13.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 25 commercial properties representing 1,121,074 square feet of the 1,446,501 square feet. The largest owner is Tokyu Land Corporation, followed by Time Equities and then Sovereign Partners.
On the tax block, there were three new building construction projects totaling 624,252 square feet. The largest is a 511,538 square-foot business (B) building submitted by L&L Holding Company and filed by William Potts with plans filed September 18, 2013 and permitted August 18, 2014. The second largest is a 62-unit, 59,819 square-foot residential (R-2) building submitted by Zeckendorf Development and filed by Arthur Zeckendorf Iii with plans filed August 12, 2019 and permitted January 28, 2020.

The majority, or 82 percent of the 1.4 million square feet of built space are office buildings, with hotel buildings next occupying 6 percent of the space.

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