Michael Katz pays $3.8M to Townhouse Management for 23-unit rental in Gramercy

Michael Katz through the entity 21 Gramercy Park Holdings LLC paid $3.8 million to Townhouse Management Company through the entity 21 Gps LLC for 23-unit residential elevator building (D3) at 21 Gramercy Park South in Gramercy, Manhattan.
The deal closed on September 12, 2022 and was recorded on September 20, 2022.The property has 12,948 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $291 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 Townhouse Management Company was Mitchel A. Maidman. The signatory for Michael Katz was Michael Katz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Michael Katz had purchased any other properties and sold one properties in one transactions for a total of $13.5 million over the past 24 months.
The seller Townhouse Management Company had not purchased any other properties and sold two properties in one transactions for a total of $6.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Katz, head officer and Mitchell Maidman, officer. The business entities are Buchbinder & Warren Llc and 21 Gramercy Park Holdings Llc And 21gps Llc. The 12,948-square-foot property generated revenue of $694,670 or $54 per square foot, according to the most recent income and expense figures.

The property

The 21 Gramercy Park South parcel has frontage of 26 feet and is 105 feet deep with a total lot size of 2,730 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Gramercy Park Historic District. The city-designated market value for the property in 2022 is $4.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties 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 this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 100,835 square feet of the 230,493 square feet. The largest owner is Abington Properties, followed by Stonehenge NYC and then Duane Michals.
There are no active new building construction projects on this tax block.

the majority, or 61 percent of the 230,493 square feet of built space are elevator buildings, with office buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Townhouse Management Company owned at least two commercial properties in New York City with 104,624 square feet and a city-determined market value of $20.6 million. (Market value is typically about 50% of actual value.) The portfolio has $98.2 million in debt, with top three lenders as White Oak Real Estate, Santander Bank, and Patriot Bank respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Michael Katz owned at least three commercial properties in New York City with 44,453 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 44,453 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 55 percent of the built space, is in Brooklyn, with Manhattan next at 45 percent of the space.

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