Manouchehr Ashourzadeh plans 22 units in East Village
88 East 2nd Street (Credit - Gerald Caliendo Architects)
Manouchehr Ashourzadeh submitted a new building construction project for a 22-unit, 19,278 square-foot residential (R-2) building at 88 East 2nd Street in East Village, Manhattan. The plan was filed with the New York City Department of Buildings on March 8, 2024 under job number M01010741. It calls for the construction of a seven-story building. The architect is Gerald Caliendo Architects.
The project is described in the filing as: Proposed seven-story mixed-use building with 22 dwelling units. There will be commercial use on the first floor, cellar and sub-cellar floors, and residential use on floors two to seven.
88 East 2nd Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 1 | COMMERCIAL RETAIL USE | Retail Sale | 100 | Mercantile | 6A | |
| 2 | Cellar | RESIDENTIAL BIKE PARKING ( 184.92 SF FOR ELEVEN (11) PROVIDED BICYCLE PARKING SPACES) | Storage of non combustible Materials | 2 | Storage | 2B | |
| 3 | Cellar | COMMERCIAL BICYCLE PARKING ( 64.13 SF FOR ONE (1) BICYCLE PARKING SPACE | Storage of non combustible Materials | 1 | Storage | 6F | |
| 4 | Cellar | COMMERICAL RETAIL SALES | Retail Sale | 100 | Mercantile | 6A | |
| 5 | 1 | COMMERCIAL RETAIL SALES | Retail Sale | 200 | Mercantile | 6A | |
| 6 | 1 | RESIDENTIAL LOBBY | Apartment | 10 | Residential | 2B | |
| 7 | 2 | (4) CLASS A - APARTMENT UNITS | Apartment | 17 | Residential | 2A | 4 |
| 8 | 3 | (4) CLASS A - APARTMENT UNITS | Apartment | 13 | Residential | 2A | 4 |
| 9 | 4 | (4) CLASS A - APARTMENT UNITS | Apartment | 13 | Residential | 2A | 4 |
| 10 | 5 | (4) CLASS A - APARTMENT UNITS | Apartment | 13 | Residential | 2A | 4 |
| 11 | 6 | (3) CLASS A - APARTMENT UNITS | Apartment | 13 | Residential | 2A | 3 |
| 12 | 7 | (3) CLASS A - APARTMENT UNITS | Apartment | 10 | Residential | 2A | 3 |
| 13 | Roof | ROOFTOP RECREATION SPACE ACCESSORY TO RESIDENTIAL USE | Apartment | 6 | Residential | 2B | |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
The property
The existing walkup building with eight residential units in the East Village has 5,550 square feet of built space and 246 square feet of additional air rights for a total buildable of 5,796 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 72 feet deep with a total lot size of 1,449 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 million.
Prior sales and revenue
The 5,550-square-foot property generated revenue of $251,526 or $45 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $1,450 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In the East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has near average sales volume among other neighborhoods with $506.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, East Village has near average amount of major developments among other neighborhoods and is the 35th highest in Manhattan. It had 364,786 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 139,187 square feet of the 325,394 square feet. The largest owner is Gaia Real Estate, followed by Gemini Rosemont and then Issembert Companies. On the tax block, there were two new building construction projects totaling 119,986 square feet. The largest is a 87-unit, 100,708 square-foot residential (R-2) building submitted by Gemini Rosemont Development and filed by Brian Ferrier with plans filed August 24, 2020 and permitted July 20, 2022. The second largest is a 22-unit, 19,278 square-foot residential (R-2) building submitted by Manouchehr Ashourzadeh and filed by Manny Ashourzadeh with plans filed March 8, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Manouchehr Ashourzadeh owned at least 14 commercial properties with 117 residential units in New York City with 90,333 square feet and a city-determined market value of $39.3 million. (Market value is typically about 50% of actual value.) The portfolio has $19.3 million in debt, borrowed from Santander Bank and First Republic Bank. Within the portfolio, the bulk, or 55 percent of the 90,333 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Brooklyn next at 8 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Manny Ashourzadeh, head officer and Roben Rabanpour, officer. The business entity is R M H Estates.
The surrounding
Within a 400-foot radius of 37 1 Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, three were sales above $5 million totaling $47.9 million. The most recent of the three was TARGO Capital Partners which bought the 17,443-square-foot, 48-unit rental (C1) on 120 East 4th Street and one other property for $22.9 million from Kushner Companies on January 5, 2024. Of those eight items, five were loans above $5 million totaling $109.7 million. The most recent of the five was Jonathan Soudry in which borrowed $10 million from Santander Bank secured by the 11,025-square-foot, 14-unit rental (C7) on 77 East 3rd Street on November 23, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.