Namdar, Klosed pay $3.7M for 10-unit walkup in Sutton Place

Namdar Realty Group and Klosed Properties through the entity 315 E58 Bh LLC paid $3.7 million to Per Von Scheele through the entity Pernilla LLC for 10-unit residential walkup building (C5) at 315 East 58th Street in Sutton Place, Manhattan.
The deal closed on March 1, 2023 and was recorded on March 14, 2023. The property has 8,630 square feet of built space and 16,472 square feet of additional air rights for a total buildable of 25,110 square feet according to PincusCo analysis of city data. The sale price per built square foot is $428 and the price per buildable square foot is $147 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 Per Von Scheele was Per Von Scheele. The signatory for Namdar Realty Group and Klosed Properties was Steven Kashanian. The contract date was December 1, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased 13 properties in 10 transactions for a total of $164.2 million and has no record it sold any properties over the past 24 months.
The seller Per Von Scheele 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 Per Von Scheele, head officer and Ciunilla Von Scheele, officer. The 8,630-square-foot property generated revenue of $372,385 or $43 per square foot, according to the most recent income and expense figures.

The property

The 315 East 58th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,511 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.5 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3.7 million judgment concerning a contract filed on February 9, 2023, by Klosed Properties against Per Von Scheele. In addition, according to city public data, the property has received four DOB violations, $1,280 in ECB penalties, five housing violations, and $1,280 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 10 of the 35 commercial properties representing 94,057 square feet of the 319,985 square feet. The largest owner is Sol Goldman Investments, followed by Northstar Properties and then Marin Management.
On the tax block, there were two new building construction projects totaling 27,367 square feet. The largest is a 12-unit, 12,406-square-foot R-2 building developed by Tony Boemi with plans filed February 26, 2015 and it has not been permitted yet.The second largest is a zero-unit, 14,961-square-foot B building developed by Shlomo Beilis with plans filed March 26, 2021 and it has not been permitted yet.

The majority, or 47 percent of the 319,985 square feet of built space are walkup buildings, with office buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 68 commercial properties in New York City with 1,526,805 square feet and a city-determined market value of $249.8 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 25 percent of the 1,526,805 square feet of built space are walkup properties, with office properties next occupying 25 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 54 commercial properties in New York City with 929,915 square feet and a city-determined market value of $107.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 38 percent of the 929,915 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Bronx next at 28 percent of the space.

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