Malaysian conglomerate MBf Holdings pays $15.6M for mixed-use in Lenox Hill

958 Madison Avenue (Credit - Cyclomedia)
The diversified Malaysian investment company MBf Holdings Berhad through the entity Wringfield LLC paid $15.6 million to Yosef Soleymani and Joseph Soufer through the entity 958 Madison LLC for the four-unit mixed-use building (K4) at 958 Madison Avenue in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on August 9, 2024 and was recorded on August 26, 2024. The property has 8,875 square feet of built space and 14,861 square feet of additional air rights for a total buildable of 23,740 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,752 and the price per buildable square foot is $655 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 Yosef Soleymani and Joseph Soufer was Yosef Soleymani and Joseph Soufer. The signatory for MBf Holdings Berhad was Lawrence B. Lim. The contract date was August 9, 2024.
MBf Holdings Berhad is a diversified company founded in Malaysia in 1963, according to the firm’s website. It has 30 companies in nine industries including real estate, automotive, banking, agribusiness, and others, operating in eight countries. The sellers were 50-50 tenants in common. In 2019, the sellers borrowed $13.2 million secured by this property. In June 2024, Maguire Capital Group bought the note, as PincusCo reported at the time.
According to the MBf website, the U.S. property division named Wood Terrace is based in Atlanta. “Established in 1985, Wood Terrace owns a multi-sector property investment group. Headquartered out of Atlanta, Georgia, the group owns, operates and invests in multi-family, commercial & retail property across the United States with a focus on Georgia & Illinois.”
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer MBf Holdings Berhad had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yosef Soleymani 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 Rozita Shay, head officer and Joseph Soufer, officer. The business entity is 958 Madison Llc.
The property
The mixed-use building with 4 residential units in Lenox Hill has 8,875 square feet of built space and 14,861 square feet of additional air rights for a total buildable of 23,740 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,374 square feet. The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $8.1 million. The most recent loan totaled 0.0 and was provided by Maguire Capital Group on June 27, 2024.
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
For the tax lot building, it received its initial certificate of occupancy on December 17, 2014. 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 Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.2 billion in sales volume in the last two years. For development, Lenox Hill is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 178,237 square feet of the 517,633 square feet. The largest owner is Reuben Brothers, followed by Yosef Soleymani and then MRR Development.
There are no active new building construction projects on this tax block.
The majority, or 42 percent of the 517,633 square feet of built space are elevator buildings, with hotel buildings next occupying 26 percent of the space.
The seller
The PincusCo database currently indicates that Joseph Soufer owned at least three commercial properties with 24 residential units in New York City with 44,313 square feet and a city-determined market value of $29.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 44,313 square feet of built space are retail properties, with mixed-use properties next occupying 20 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Yosef Soleymani owned at least one commercial property with four residential units in New York City with 8,875 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.
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