Nelson Braff, Keith Kantrowitz pay $11M to Adellco for retail condo in Carnegie Hill

Nelson Braff and Keith Kantrowitz through the entity MRK Jacksonville, LLC paid $11 million to Adellco through the entity 1295 Property LLC for the larger of two retail condominium units at the residential and retail condominium building 1295 Madison Avenue in Carnegie Hill, Manhattan.
The deal closed on November 9, 2023 and was recorded on November 21, 2023. The property, NRU2, has 3,024 square feet on the ground floor according to a PincusCo analysis of city data. The sale price per built square foot is $3,637 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 Adellco was Matthew G. Adell. The signatory for Nelson Braff and Keith Kantrowitz was Nelson Braff and Keith Kantrowitz. The contract date was September 14, 2023. Nelson Braff owns Patriot Real Estate Holdings LLC, which is his property owner entity.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nelson Braff had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adellco had not purchased any other properties and sold two properties in two transactions for a total of $20.4 million over the same time period.

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 two of the 19 commercial properties representing 58,675 square feet of the 283,586 square feet. The two identified owners are Kamran Hakim and Adellco.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 283,586 square feet of built space are specialty buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Adellco owned at least one commercial property with 91 residential units in New York City with 53,525 square feet and a city-determined market value of $18.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Keith Kantrowitz owned at least three commercial properties in New York City with 177,984 square feet and a city-determined market value of $23.6 million. (Market value is typically about 50% of actual value.) The portfolio has $26.3 million in debt, borrowed from New York Community Bank and JPMorgan Chase. Within the portfolio, the bulk, or 81 percent of the 177,984 square feet of built space are industrial properties, with office properties next occupying 19 percent of the space. They are all located in Queens.

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