Midwood Inv. & Dev., EJS Group sell resi unit for $19.6M in Lenox Hill

The entity Rumi Insights, LLC paid $19.6 million to developers Midwood Investment & Development and EJS Group through the entity 150 East 78th Street Property Owner LLC for condominium unit DP11A at 150 East 78th Street in Lenox Hill, Manhattan.
The deal closed on April 28, 2022 and was recorded on May 9, 2022.
The signatory for Midwood Investment & Development and EJS Group was John Usdan. The signatory for Rumi Insights, LLC, was Renee J. James with an address in Portland. This is for unit DP11A.

The block

On this tax block, PincusCo has identified the owners of two of the 24 commercial properties representing 6,500 square feet of the 379,364 square feet. The identified owner is Sol Goldman Investments.

The majority, or 63 percent of the 657,858 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that EJS Group owned at least four commercial properties with 31,150 square feet and a city-determined market value of $21.7 million. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 60 percent of the 31,150 square feet of built space are residential walkup properties, with residential elevator properties next occupying 40 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Midwood Investment & Development owned at least two commercial properties with 26,355 square feet and a city-determined market value of $12.3 million. (Market value is typically about 50% of actual value.) The portfolio has $14.2 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 68 percent of the 26,355 square feet of built space are industrial properties, with mixed-use properties next occupying 32 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 32 percent of the space.

Surrounding

Within a 400-foot radius of 150 East 78th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were sales above $5 million totaling $23.4 million. The most recent of the two was Robert Gregory Eisner which bought the 5,670-square-foot, one-unit townhouse (A4) on 163 East 78th Street for $11 million from Thomas S. Hexner on July 9, 2021.

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