Paravalos family pays $10.3M for 20-unit rental in Gramercy

The family of Chris Paravalos and John Paravalos through the entity 151 East 19th Realty Group LLC paid $10.3 million to the entity 151 East 19th Street, LLC for the 20-unit residential elevator building (D7) at 151 East 19th Street in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on September 24, 2024 and was recorded on October 2, 2024. The property has 12,816 square feet of built space and 12,865 square feet of additional air rights for a total buildable of 25,680 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $803 and the price per buildable square foot is $401 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 the seller was Christine Raymond. The contract date was July 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chris Paravalos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Christine Raymond Martin 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 Christine Raymond, head officer and Deborah Raymond, officer. The business entity is 151 East 19th St. Llc.

The property

The residential elevator building with 20 residential units in Gramercy has 12,816 square feet of built space and 12,865 square feet of additional air rights for a total buildable of 25,680 square feet according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 55 feet deep with a total lot size of 2,568 square feet. The zoning is C1-9A which allows for up to 2 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 $4 million. The property has 5 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $11.3 million money judgment concerning a contract filed on November 18, 2022, by Christine Raymond-Martin. In addition, according to city public data, the property has received $1,650 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 six of the nine commercial properties representing 199,617 square feet of the 230,493 square feet. The largest owner is Dean Palin, followed by Abington Properties and then Stonehenge NYC.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 230,493 square feet of built space are elevator buildings, with office buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Chris Paravalos owned at least 32 commercial properties with 344 residential units in New York City with 284,316 square feet and a city-determined market value of $70.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 284,316 square feet of built space are walkup properties, with industrial properties next occupying 9 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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