Naftali Group pays $72.6M to Sky Management for likely dev site in Lenox Hill
The Naftali Group paid $72.6 million to Sky Management for two parcels making up a likely development site in Lenox Hill in two separate transactions.
In the larger, Naftali Group through the entity 251 East 77th St Owner Lp paid $63.6 million to Sky Management through the entity 77 Mon LLC for 32-unit residential walkup building at 1481 2nd Avenue in Lenox Hill, Manhattan.
At the same time, Naftali Group through the entity 251 East 77th St Lp as borrower signed an acquisition loan with lender CIT Bank valued at $33.8 million for the two properties.
The deal closed on December 3, 2021 and was recorded on January 12, 2022.
The larger property has 35,235 square feet of built space and 73,793 square feet of additional air rights for a total buildable of 109,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,804 and the price per buildable square foot is $583 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 Sky Management was Benjamin Ohebshalom, Jonathan Ohebshalom, Miriam Sharifian, and Sheila Hyman. The signatory for Naftali Group was Michael Naftali.
Prior to this transaction, the buyer Naftali Group purchased three properties in three transactions for a total of $172.6 million and sold one property in one transaction for a total of $19 million over the past 24 months.
The seller Sky Management had not purchased any other properties and had not sold any properties over the same time period.
The 35,235-square-foot property generated revenue of $2.5 million or $71 per square foot, according to the most recent income and expense figures.
(103207389)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 32 residential units on June 30, 2015.
The Commercial Observer reported that both properties bought by Naftali Group from Sky Management include residential apartments and a ground-floor retail space, along with a retail space between the two buildings, and the brokers were Bob Knakal and John Hageman of JLL. The buildings were sold vacant, Commercial Observer reported, citing an unnamed source.
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 construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 64 percent of the 716,698 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Sheila Hyman, head officer and Ben Ohebshalom, officer. The business entities was Sky Management Corp and Alliance 77, Llc.
Within a 400-foot radius of 1481 2nd Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $20.7 million. The most recent of the three was Ready Capital which borrowed $5.8 million from Dime Community Bank secured by one condo unit in the 5,505-square-foot, 31-unit mixed-use building (RM) on 303 East 77th Street and two other properties on November 18, 2021.
Direct link to Acris document. link
In the second transaction, Naftali Group through the entity 251 East 77th St Owner Lp paid $9 million to Sky Management through the entity 2009-2019, LLC for 14-unit property at 251 East 77th Street in Lenox Hill, Manhattan.
The deal closed on December 3, 2021 and was recorded on January 12, 2022.
The property has 11,430 square feet of built space and 13,575 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $789 and the price per buildable square foot is $360 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 June 5, 2019, for $13 million.
The signatory for Sky Management was Benjamin Ohebshalom, Jonathan Ohebshalom, Miriam Sharifian, and Sheila Hyman. The signatory for Naftali Group was Michael Naftali.
Direct link to Acris document. link