Isidoros Sfikas pays $14.8M to Vintage Group for residential walkup in Lenox Hill

Isidoros Sfikas through the entity Kardia 192 Realty Corp. paid $14.8 million to Vintage Group through the entity Davand Realty Corp. for midblock 64-unit residential walkup building at 320-326 East 70th Street in Lenox Hill, Manhattan.
The deal closed on April 29, 2022 and was recorded on May 13, 2022. The property has 28,160 square feet of built space and 12,050 square feet of additional air rights for a total buildable of 40,168 square feet according to PincusCo analysis of city data. The sale price per built square foot is $523 and the price per buildable square foot is $367 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 Vintage Group was John S. Lego. The signatory for Isidoros Sfikas was Isidoros Sfikas.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Isidoros Sfikas had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vintage Group 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 Jeffrey Friedman, head officer and Joyce Yeckes, officer. The business entity is Davand Realty Corp. The 28,160-square-foot property generated revenue of $1.2 million or $43 per square foot, according to the most recent income and expense figures.

The property

The 320-326 East 70th Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,042 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 $6.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods.It had 436,108 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 683,926 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Vintage Group owned at least 17 commercial properties with 237,896 square feet and a city-determined market value of $61.6 million. (Market value is typically about 50% of actual value.) The portfolio has $89.5 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 89 percent of the 237,896 square feet of built space are residential walkup properties, with residential elevator properties next occupying 11 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Isidoros Sfikas owned at least seven commercial properties with 448,008 square feet and a city-determined market value of $28.5 million. (Market value is typically about 50% of actual value.) The portfolio has $40.2 million in debt, borrowed from JPMorgan Chase and Berkadia Commercial Mortgage. Within the portfolio, all identified are residential elevator properties. The bulk, or 95 percent of the built space, is in Bronx, with Manhattan next at 5 percent of the space.

Surrounding

Within a 400-foot radius of 320-326 East 70th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $18.5 million. The most recent of the two was Theso cooperative which borrowed $12.5 million from Apple Bank for Savings secured by one condo unit in the 277,478-square-foot, 289-unit mixed-use building (RM) on 1328 2nd Avenue on March 24, 2021.

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