MOVCAP pays $13.8M for three adjacent properties in East Village

Lawrence Movtady’s MOVCAP through the entity 1st Avenue Property Owner LLC paid $13.8 million to Leonard Eis through the entity Jeison Realty Corporation for the eight-unit residential walkup building (C7) at 107 1st Avenue in East Village, Manhattan, three-unit mixed-use building (S3) at 105 1st Avenue in East Village, Manhattan, and eight-unit residential walkup building (C7) at 109 1st Avenue in East Village, Manhattan.
The deal closed on May 1, 2023 and was recorded on May 9, 2023. The three properties have 20,523 square feet of built space and 4,358 square feet of additional air rights for a total buildable of 24,880 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $669 and the price per buildable square foot is $552 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 Leonard Eis was Leonard Eis. The signatory for MOVCAP was Lawrence Movtady.

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 107 1st Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MOVCAP purchased four properties in two transactions for a total of $20.7 million and has no record it sold any properties over the past 24 months.
The seller Leonard Eis 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 Leonard Eis, head officer and Juan Gonzalez, site manager. The business entity is Jeison Realty Corp. Out of the three properties, one with a total of 20,523 square feet of built space generated revenue of $373,968 per year.

The property

The residential walkup building with 8 residential units in East Village has 20,523 square feet of built space and 4,358 square feet of additional air rights for a total buildable of 24,880 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,266 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.7 million.

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 seven housing violations and $1,175 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 107 1st Avenue, PincusCo has identified the owners of eight of the 37 commercial properties representing 67,506 square feet of the 335,658 square feet. The largest owner is Marin Management, followed by Madison Realty Capital and then Leas Realty.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 335,658 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that MOVCAP owned at least four commercial properties with 46 residential units in New York City with 37,945 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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