Monarch Realty pays $8.9M to JAM Real Estate for 20-unit walkup in Yorkville

Monarch Realty Holdings through the entity 427 East 80th Street Investors LLC paid $8.9 million to JAM Real Estate Partners through the entity Jam 427e80 LLC for the 20-unit residential walkup building (C1) at 427 East 80th Street in Yorkville, Manhattan.
The deal closed on November 9, 2022 and was recorded on November 16, 2022. The property has 9,295 square feet of built space and 919 square feet of additional air rights for a total buildable of 10,216 square feet according to PincusCo analysis of city data. The sale price per built square foot is $961 and the price per buildable square foot is $874 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 seller bought the property on May 5, 2021, for $5 million. The signatory for JAM Real Estate Partners was Jared Pinchasick. The signatory for Monarch Realty Holdings was Farzad Shahery.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Monarch Realty Holdings purchased one property in one transaction for a total of $6.8 million and sold one property in one transaction for a total of $8 million over the past 24 months.
The seller JAM Real Estate Partners purchased six properties in three transactions for a total of $30.7 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Pinchasick, head officer and Mark Levine, agent. The business entities are Ebmg Llc and Jam427e80 Llc. The 9,295-square-foot property generated revenue of $429,790 or $46 per square foot, according to the most recent income and expense figures.

The property

The 427 East 80th Street 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 $2.3 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 $250 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 11 of the 24 commercial properties representing 688,678 square feet of the 823,612 square feet. The largest owner is Jack Resnick & Sons, followed by Feil Organization and then Rita Kalimian Sakhaie.
there are no active new building construction projects on this tax block.

The majority, or 77 percent of the 823,612 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Jam Real Estate Partners owned at least eight commercial properties in New York City with 80,794 square feet and a city-determined market value of $31.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Monarch Realty Holdings owned at least seven commercial properties in New York City with 156,946 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) The portfolio has $42.8 million in debt, with top three lenders as Sterling National Bank, First National Bank of Long Island, and PIMCO respectively. Within the portfolio, the bulk, or 51 percent of the 156,946 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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