Muneef Alsayedi pays $5M for 24-unit walkup in East Village
Muneef Alsayedi through the entity 414 East Village LLC paid $5 million to Tova Rabunski, Harriet Rabunski Leventhal, and Alan E. Rabunski through the entity Harriet 11th Street LLC for the 24-unit residential walkup building (C1) at 414 East 11th Street in East Village, Manhattan.
The deal closed on May 18, 2023 and was recorded on June 12, 2023. The property has 7,420 square feet of built space and 2,061 square feet of additional air rights for a total buildable of 9,480 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $673 and the price per buildable square foot is $527 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 Tova Rabunski, Harriet Rabunski Leventhal, and Alan E. Rabunski was Tova Rabunski, Harriet Rabunski Leventhal, and Alan E. Rabunski. The signatory for Muneef M. Alsayedi was Muneef M. Alsayedi.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Muneef M. Alsayedi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tova Rabunski 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 Alan Rabunski, head officer and Harriet Leventhal, officer. The business entities are Queens Quality Management and Issac Ii Llc. The 7,420-square-foot property generated revenue of $459,205 or $62 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 24 residential units in East Village has 7,420 square feet of built space and 2,061 square feet of additional air rights for a total buildable of 9,480 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,370 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 $2.4 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $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 this tax block, PincusCo has identified the owners of 24 of the 41 commercial properties representing 213,360 square feet of the 331,528 square feet. The largest owner is Time Equities, followed by Madison Realty Capital and then Croman Real Estate.
There are no active new building construction projects on this tax block.
The majority, or 78 percent of the 331,528 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.
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