Manocherian Brothers, Aria Development pay $20M to Delshah Capital for Lenox Hill building

1356 First Avenue (Credit - Google)

The Manocherian Brothers and Aria Development Group through the entity Supreme Company I LLC paid a total of $20 million to Delshah Capital in three separate transactions for 28 residential condominium units, one retail condo unit and air rights.

In the residential transaction, The Manocherian Brothers and Aria Development Group through the entity Supreme Company I LLC paid $9 million to Delshah Capital through the entity Griffon 1356 LLC for 28 residential condominium units at 1356 1st Avenue in Lenox Hill.
The deal closed on July 19, 2022 and was recorded on August 12, 2022. The 28 properties have 12,260 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $734 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 Delshah Capital was Michael Shah. The signatory for Manocherian Brothers and Aria Development Group was Joshua Benaim. At the same time, Delshah sold 25,300 square feet of transfer development rights to Manocherian and Aria Development Group for $7 million or $277 per square foot.

In the retail condo transaction, Manocherian Brothers and Aria Development Group through the entity Supreme Company I LLC paid $4 million to Delshah Capital through the entity Griffon 1356 LLC for the retail condo at 1356 1st Avenue in Lenox Hill, Manhattan. The deal closed on July 19, 2022 and was recorded on August 12, 2022. The property has 3,557 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,124 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.)

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Manocherian Brothers purchased one property in one transaction for a total of $2.8 million and has no record it sold any properties over the past 24 months.
The seller Delshah Capital purchased five properties in two transactions for a total of $32.8 million and sold one property in one transaction for a total of $14.3 million over the same time period.

 

Stay current in this unpredictable market with data.

– Daily lists of new buyers, sellers and lenders

– Weekly feed of new developments and offering plans

– Weekly feed of bankruptcies, foreclosures, note sales

… and over 20 different feeds to find your next deal

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The block

On the tax block of 1356 1st Avenue, PincusCo has identified the owners of eight of the 21 commercial properties representing 111,155 square feet of the 774,785 square feet. The largest owner is Kamran Hakim, followed by Eberhart Brothers and then Manocherian Brothers.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 771,228 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Delshah Capital owned at least 48 commercial properties in New York City with 950,890 square feet and a city-determined market value of $210.5 million. (Market value is typically about 50% of actual value.) The portfolio has $276.7 million in debt, with top three lenders as Arbor Realty Trust, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 35 percent of the 950,890 square feet of built space are walkup properties, with D3 properties next occupying 28 percent of the space. The bulk, or 51 percent of the built space, is in Manhattan, with Brooklyn next at 49 percent of the space.

The buyer

The PincusCo database currently indicates that Manocherian Brothers owned at least 24 commercial properties in New York City with 1,477,408 square feet and a city-determined market value of $369.2 million. (Market value is typically about 50% of actual value.) The portfolio has $85.9 million in debt, borrowed from Bank of New York Mellon and Apple Bank for Savings. Within the portfolio, the bulk, or 92 percent of the 1,477,408 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link

Share this article