National Development Council pays $5.1M for two condo units in Murray Hill

National Development Council through the entity Community Development Properties Facilities III, paid $5.1 million to Ivan Babenko through the entity Communit19 LLC for two commercial condominium units at 633 Third Avenue in Murray Hill, Manhattan and property at 633 3rd Avenue in Murray Hill, Manhattan.
The deal closed on May 16, 2022 and was recorded on May 26, 2022.
The signatory for Ivan Babenko was Alexander Sulensky. The signatory for National Development Council was Daniel Marsh, III. This is for commercial condo units 19J and 19K. Daniel Marsh, III is the president and CEO of the National Development Council.  Ivan Babenko signed on the previous deed as the buyer.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 633 3rd Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer National Development Council had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ivan Babenko had not purchased any other properties and sold one property in one transaction for a total of $2.6 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The block

On the tax block of 633 3rd Avenue, PincusCo has identified the owners of five of the 94 commercial properties representing 84,609 square feet of the 1,292,010 square feet. The largest owner is Fedcap Rehabiliation Services, followed by Donal O’Sullivan and then Ivan Babenko. There are no active new building construction projects on this tax block.

Surrounding

Within a 400-foot radius of 633 3rd Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 14, 2021 for the $431,550 renovation of 3,761-square-foot A-2 building with no residential units at 148 East 40th Street.
One of those six items was a sale which Republic of Austria bought one condo unit in the 79-unit mixed-use building (RC) on 633 Third Avenue for $10.7 million from Partnership to End Addiction on January 19, 2021.
Of those six items, four were loans above $5 million totaling $621.6 million. The most recent of the four was Shlomo Drazin which borrowed $6.6 million from Canadian Imperial Bank of Commerce secured by the 3,092-square-foot, one-unit office building (O2) on 148 East 40th Street on April 8, 2022.

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