Michael Mangan pays $4.8M for 11-unit walkup in Lenox Hill

Michael Mangan through the entity 332 Lenox LLC paid $4.8 million to Daniel Hupert through the entity 332 East 74 Management LLC for the 11-unit residential walkup building (C1) at 332 East 74th Street in Lenox Hill, Manhattan.
The deal closed on April 20, 2023 and was recorded on April 25, 2023. The property has 7,786 square feet of built space and 2,227 square feet of additional air rights for a total buildable of 10,012 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $610 and the price per buildable square foot is $474 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 Daniel Hupert was Daniel Hupert. The signatory for Michael Mangan was Michael Mangan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Mangan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Daniel Hupert 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 Matthew Hupert, head officer and Danny Hupert, officer. The business entity is 332 E 74 Management Llc. The 7,786-square-foot property generated revenue of $408,465 or $52 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 11 residential units in Lenox Hill has 7,786 square feet of built space and 2,227 square feet of additional air rights for a total buildable of 10,012 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 102 feet deep with a total lot size of 2,503 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 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 received three housing violations and $200 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 19 commercial properties representing 146,450 square feet of the 240,100 square feet. The largest owner is Scharfman Organization, followed by Mordehy Haber and then Matthew Hupert.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 240,100 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Michael Mangan owned at least nine commercial properties with 235 residential units in New York City with 187,509 square feet. The portfolio has $58.5 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 81 percent of the 187,509 square feet of built space are walkup properties, with elevator properties next occupying 19 percent of the space. The bulk, or 60 percent of the built space, is in Bronx, with Manhattan next at 40 percent of the space.

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