Namdar, Empire Capital file plans for 188-unit conversion in Midtown East

Joshua Kashanian of Namdar Realty Group through the entity Fifth 47th Realty LLC submitted a major alteration application for a conversion of the commercial (COM) building at 830 Third Avenue in Midtown East, Manhattan to a residential building with 188 units. The plan was filed with the New York City Department of Buildings on September 17, 2024 under job number M01109601. It call for a rehab of the 14-story building. The project is described in the filing as: convert existing office into residential units on 2nd to 14th floor as per plan. and obtain new c of o.

The property

The office building in Midtown East has 150,638 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,041 square feet. The zoning is C6-6 which allows for up to 15 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 $39.5 million. The most recent loan totaled $53.2 million and was provided by Truist Bank on August 29, 2022.

Prior sales and revenue

This property was sold by AEW Capital Management for $72 million to Empire Capital Holdings and Namdar Realty Group on August 29, 2022.

The 150,638-square-foot property generated revenue of $9.4 million or $62 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 16.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 26 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 1,323,713 square feet of the 1,519,621 square feet. The largest owner is Alan Handler, followed by Feil Organization and then Namdar Realty Group. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Empire Capital Holdings owned at least six commercial properties in New York City with 988,462 square feet and a city-determined market value of $341.3 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Alma Bank, Thorofare Capital, and Hakimian Partners respectively. Within the portfolio, the bulk, or 97 percent of the 988,462 square feet of built space are office properties, with hotel properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

The surrounding

Within a 400-foot radius of 836 3 Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, three were sales above $5 million totaling $608.3 million. The most recent of the three was Consulate General Of The State Of Qatar which bought two condo units in the 5,388-square-foot, 125-unit mixed-use building (RM) on 138 East 50th Street and one other property for $24.6 million from 50 Lex Development LLC on May 14, 2024. One of those four items was a loan which KSL Capital Partners borrowed $62.6 million from Wells Fargo and Citibank secured by the 84,420-square-foot, 207-unit hotel (H2) on 206 East 52nd Street on January 4, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.