Midwood Investment & Development pays $17M to Stanley Myer for Madison Ave. building in Lenox Hill

Midwood Investment & Development through the entity 829 Madison We TIC Owner LLC paid $17 million to Stanley Myer through the entity 829 Mad. Ave. LLC for the corner, mixed-use building at 829 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on January 28, 2022 and was recorded on February 9, 2022.
The property has 8,505 square feet of built space and 11,745 square feet of additional air rights for a total buildable of 20,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,998 and the price per buildable square foot is $839 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 Stanley Myer was Stanley Myer. The signatory for Midwood Investment & Development was Joel Usdan.
Prior to this transaction, the buyer Midwood Investment & Development had not purchased any other properties and sold four properties in two transactions for a total of $51.3 million over the past 24 months.
Midwood filed plans in December for a 270-unit, mixed-use project in Gowanus, Brooklyn.
The seller Stanley Myer had not purchased any other properties and had not sold any properties over the same time period.
The 8,505-square-foot property generated revenue of $1.3 million or $156 per square foot, according to the most recent income and expense figures.

Joel Usdan is president of Midwood Investment & Development.

In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods.It had 436,108 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 82 percent of the 1.2 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 7 percent of the space.
Within a 400-foot radius of 829 Madison Avenue, Pincusco identified 26 commercial real estate items of interests occurred over the past 24 months.
Of those 26 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 12, 2021 for the $636,207 renovation of 300,150-square-foot R-2 building with 65 residential units at 851 Madison Avenue.
Of those 26 items, 17 were sales above $5 million totaling $445.5 million. The most recent of the 17 was FG Residential which bought the 19,975-square-foot, 25-unit rental (D7) on 9 East 68th Street for $24.5 million from Ursula Kloiber on January 18, 2022.
Of those 26 items, eight were loans above $5 million totaling $232.2 million. The most recent of the eight was Maria Catsoulis Kempf which borrowed $12 million from Hirshmark Capital secured by the 11,243-square-foot, five-unit rental (C5) on 14 East 69th Street on January 4, 2022.

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