Residential neighbor pays $10.1M to AB & Sons for single-family conversion in Lenox Hill

Movie producer and accountant Jeffrey Weiner through the entity Libra Propco LLC paid $10.1 million to Isaac Chetrit of AB & Sons through the entity Patriarch TH LLC for the four-unit mixed-use building (S4) at 163 East 69th Street in Lenox Hill, Manhattan. The property has plans to convert the building into a single-family home. Jeffrey Weiner bought the adjacent property at 167 East 69th Street in February 2020 for $11 million.
The deal closed on October 25, 2023 and was recorded on October 27, 2023. The property has 8,300 square feet of built space and 1,732 square feet of additional air rights for a total buildable of 10,044 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,219 and the price per buildable square foot is $1,008 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 Isaac Chetrit was David Lachtman. The contract date was May 16, 2023. The Modlin Group marketed the property as a single-family or other use.

Isaac Chetrit as managing member of Patriarch TH LLC bought the property in 2020 for $9.1 million. Jeffrey Weiner is CEO of accounting firm Marcum LLP and also the producer of the Bourne films.  David Lachtman is an attorney.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jeffrey M. Weiner had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller AB & Sons purchased one property for $18 million and sold one property for $34 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abraham Chetrit, head officer and Isaac Chetrit, officer. The business entity is Patriarch TH Llc.

The property

The mixed-use building with 4 residential units in Lenox Hill has 8,300 square feet of built space and 1,732 square feet of additional air rights for a total buildable of 10,044 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,511 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $7.9 million.

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 five DOB violations in the last year.

Development

On the lot, there is one active major alteration construction project for a one-unit, 8,699 square-foot R-3 building. The project was submitted by Isaac Chetrit with plans filed May 25, 2021 and it has not been permitted yet.

The neighborhood

In Lenox Hill, The bulk, or 35 percent of the 52 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.6 billion in sales volume in the last two years. For development, Lenox Hill has 3.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Manhattan. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 164,752 square feet of the 274,752 square feet. The largest owner is Union Club of the City of New York, followed by Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 274,752 square feet of built space are hotel buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Isaac Chetrit owned at least five commercial properties with four residential units in New York City with 536,017 square feet and a city-determined market value of $185.9 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 94 percent of the 536,017 square feet of built space are office properties, with retail properties next occupying 4 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

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