Migdal Management pays $7.7M for 2 Lenox Hill walkups owned for at least 54 years

Migdal Management through the entity Migdal18 Management 2010 LLC paid $7.7 million to Pilar Spraggins through the entity La Maruja Realty Corp. for the 17-unit residential walkup building (C5) at 347 East 78th Street and the 17-unit residential walkup building (C5) at 345 East 78th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on June 18, 2025 and was recorded on June 27, 2025. The two properties have 16,250 square feet of built space and 4,188 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $473 and the price per buildable square foot is $376 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 Pilar Spraggins was Pilar Spraggins. The signatory for Migdal Management was Roni Abudi . The contract date was April 11, 2025. Herbert Pollack bought the property in or before 1971. Pilar Spraggins, as president of one of Herbert Pollack’s entity, signed as the seller.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 347 East 78th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Migdal Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pilar Spraggins 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 Pilar Spraggins, head officer and Estate Of Maria Pollak, shareholder. The business entities are Rialto Management Corp and La Maruja Realty Corp. The two properties with a total of 16,250 square feet of built space generated revenue of $819,610 per year or $50 per square foot. The sale price per square foot was $474.

The property

The residential walkup building with 17 residential units in Lenox Hill has 16,250 square feet of built space and 4,188 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 million. The property has 6 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,300 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 the tax block of 347 East 78th Street, PincusCo has identified the owners of 13 of the 21 commercial properties representing 508,406 square feet of the 571,688 square feet. The largest owner is Glenwood Management, followed by Caiola Family and then Benjamin Werber.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 571,688 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

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