Piyush Golia pays $12.4M to Meir Levy for office in Grand Central

Piyush Golia through the entity Manhattan8e41 LLC paid $12.4 million to Meir Levy through the entity 41st Street Levy LLC for midblock office building at 8 East 41st Street in Grand Central, Manhattan.
The deal closed on March 8, 2022 and was recorded on March 29, 2022. The property has 13,836 square feet of built space and 7,654 square feet of additional air rights for a total buildable of 21,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $894 and the price per buildable square foot is $575 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 Meir Levy was Nancy Cibrano. The signatory for Piyush Golia was Piyush Golia. Piyush Golia is the CEO of Perfume World, Inc. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors and Wings Group’s Nancy Cibrano represented Levy, while Golia was represented by Corcoran’s Christover Cavorti, according to B6. The release said the building was nearly 16,000 square feet and had an additional 12,500 square feet of air rights.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Piyush Golia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Meir Levy had not purchased any other properties and had not sold any properties over the same time period. The 13,836-square-foot property generated revenue of $813,968 or $59 per square foot, according to the most recent income and expense figures.

The property

The 8 East 41st St parcel has frontage of 20 feet and is 103 feet deep with a total lot size of 2,150 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation 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 neighborhood

In Grand Central, the majority, or 74 percent of the 47.4 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 11 percent of the space. In sales, Grand Central has the highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Grand Central has had very little major development activity relative to other neighborhoods.It had 557,614 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 1,234,320 square feet of the 2,731,781 square feet. The largest owner is SL Green Realty, followed by Vanbarton Group and then DiamondRock Hospitality Company. There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 2.7 million square feet of built space are office buildings, with hotel buildings next occupying 5 percent of the space.

Surrounding

Within a 400-foot radius of 8 East 41st St, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, four were sales above $5 million totaling $88 million. The most recent of the four was Jon Stryker which bought six condo units in the 9,100-square-foot, 185-unit mixed-use building (RM) on 445 5th Avenue and zero other properties for $38 million from New York Public Library on September 30, 2021.
Of those seven items, three were loans above $5 million totaling $163.5 million. The most recent of the three was Larry Wohl which borrowed $20 million from First Republic Bank secured by the 442,042-square-foot, 86-unit office building (O4) on 10 East 40th Street on December 5, 2019.

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