Nathan Benelyahou, Alan Kaypour pay $3.4M to Raber Enterprises for 12-unit walkup in Kips Bay

Nathan Benelyahou and Alan Kaypour through the entity 26 East LLC. paid $3.4 million to Raber Enterprises through the entity V.G.C. Realty Corp. for the 12-unit residential walkup building (C7) at 212 East 26th Street in Kips Bay, Manhattan. The expected use is cash flowing.
The deal closed on October 23, 2024 and was recorded on November 13, 2024. The property has 6,895 square feet of built space and 2,987 square feet of additional air rights for a total buildable of 9,876 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $493 and the price per buildable square foot is $344 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 Raber Enterprises was George Terranova. The signatory for Nathan Benelyahou and Alan Kaypour was Stephen Siminou, an attorney. The contract date was May 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nathan Benelyahou purchased three properties in two transactions for a total of $52.3 million and has no record it sold any properties over the past 24 months.
The seller Raber Enterprises 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 George Terranova, head officer and Jonathan Maimran, officer. The business entity is V.G.C Realty Corp.

The property

The residential walkup building with 12 residential units in Kips Bay has 6,895 square feet of built space and 2,987 square feet of additional air rights for a total buildable of 9,876 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 98 feet deep with a total lot size of 2,469 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 $1.5 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 $600 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 13 of the 24 commercial properties representing 159,937 square feet of the 320,188 square feet. The largest owner is Steven Miller, followed by Croman Real Estate and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 320,188 square feet of built space are elevator buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Raber Enterprises owned at least three commercial properties with 25 residential units in New York City with 117,552 square feet and a city-determined market value of $36 million. (Market value is typically about 50% of actual value.) The portfolio has $68.5 million in debt, with top three lenders as Union Labor Life Insurance Company, Morgan Stanley, and CTBC Bank respectively. Within the portfolio, the bulk, or 54 percent of the 117,552 square feet of built space are hotel properties, with office properties next occupying 28 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Nathan Benelyahou owned at least five commercial properties with 95 residential units in New York City with 111,418 square feet and a city-determined market value of $28.5 million. (Market value is typically about 50% of actual value.) The portfolio has $30.2 million in debt, borrowed from Bank of America. Within the portfolio, the bulk, or 71 percent of the 111,418 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Alan Kaypour owned at least one commercial property with 13 residential units in New York City with 15,663 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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