Nathan Yanovitch pays $3.7M for 11-unit walkup in Yorkville

Nathan Yanovitch through the entity 501 1/2 East Associates LLC paid $3.7 million to Gus Kodogiannis through the entity 501 1/2 East 83 Street LLC for the 11-unit residential walkup building (C7) at 501 1/2nd East 83rd Street in Yorkville, Manhattan.
The deal closed on June 22, 2023 and was recorded on June 27, 2023. The property has 7,200 square feet of built space and 11,162 square feet of additional air rights for a total buildable of 18,360 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $513 and the price per buildable square foot is $201 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 September 2, 2011, for $2.6 million. The signatory for Gus Kodogiannis was Gus Kodogiannis. The signatory for Nathan Yanovitch was Dmitriy Ishimbayev. The buyer LLC is registered at an address tied to Nathan Yanovitch.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nathan Yanovitch purchased one property in one transaction for a total of $1.1 million and has no record it sold any properties over the past 24 months.
The seller Gus Kodogiannis 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 Gus Kodogiannis, head officer and Maria Kodogiannis, officer. The business entity is 501 1/2 East 83 Street Llc. The 7,200-square-foot property generated revenue of $345,728 or $48 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 11 residential units in Yorkville has 7,200 square feet of built space and 11,162 square feet of additional air rights for a total buildable of 18,360 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 76 feet deep with a total lot size of 1,836 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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 not received any significant violations 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 six of the 29 commercial properties representing 52,860 square feet of the 276,437 square feet. The largest owner is Scharfman Organization, followed by S.W. Management and then Kamran Hakim.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 276,437 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Gus Kodogiannis owned at least three commercial properties with 20 residential units in New York City with 16,302 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 16,302 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Nathan Yanovitch owned at least one commercial property in New York City with 1,980 square feet and a city-determined market value of $136,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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