Peak Capital Advisors pays $14.6M for 35-unit walkup in Lenox Hill

Peak Capital Advisors through the entity 308 E 78th Owner LLC paid $14.6 million to Abram Orwasher through the entity Arsalou Realty Corp. for the 35-unit residential walkup building (C7) at 308 East 78th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on January 17, 2025 and was recorded on January 24, 2025. The property has 23,770 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $614 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 Abram Orwasher was Abram Orwasher. The signatory for Peak Capital Advisors was Alex Rabin and Juan David Gomez. The contract date was September 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 24 properties in 19 transactions for a total of $132.5 million and sold three properties in two transactions for a total of $39.3 million over the past 24 months.
The seller Abram Orwasher 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 Magdalena Kosz, head officer and Angela Cronk, officer. The business entity is Arsalou Realty Corp.

The property

The residential walkup building with 35 residential units in Lenox Hill has 23,770 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 102 feet deep with a total lot size of 5,006 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 $6.7 million. The property has 11 rent regulated units according to city tax records from 2023.

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 two housing violations and $800 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 21 of the 32 commercial properties representing 213,422 square feet of the 301,510 square feet. The largest owner is Salvatore Gaudio, followed by Henry Moses Jr. and then GPG Properties.
On the tax block, there was one new building construction project filed totaling 160,641 square feet. It is a 94-unit, 160,641 square-foot residential (R-2) building submitted by Carmel Partners and filed by Matthew Feldman with plans filed January 24, 2022 and permitted August 25, 2023.

The majority, or 72 percent of the 301,510 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 56 commercial properties with 560 residential units in New York City with 475,725 square feet and a city-determined market value of $145.5 million. (Market value is typically about 50% of actual value.) The portfolio has $155.4 million in debt, with top three lenders as Argentic Investment Management, Prime Finance, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 81 percent of the 475,725 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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