Roni Abudi pays $3.8M to Townhouse Management for 16-unit walkup in Lenox Hill

Roni Abudi through the entity Migdal15 Management 2010 LLC paid $3.8 million to Townhouse Management Company through the entity R & D 448 LLC for the 16-unit residential walkup building (C5) at 448 East 78th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on December 4, 2024 and was recorded on December 12, 2024. The property has 8,125 square feet of built space and 2,094 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $461 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 Townhouse Management Company was Mitchel A. Maidman. The signatory for Roni Abudi was Roni Abudi. The contract date was October 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Roni Abudi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Townhouse Management Company had not purchased any other properties and sold three properties in two transactions for a total of $16.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mitchel Maidman, head officer and Amy Yue, officer. The business entities are Townhouse Mgt and R&D 448 Llc.

The property

The residential walkup building with 16 residential units in Lenox Hill has 8,125 square feet of built space and 2,094 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $1.5 million. The most recent loan totaled $5 million and was provided by OceanFirst Bank on July 31, 2023. The property has 8 rent regulated units according to city tax records from 2022.

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 17 housing violations, $50 in OATH penalties, and one housing litigation 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 20 of the 31 commercial properties representing 280,495 square feet of the 407,449 square feet. The largest owner is Abro Management, followed by Caiola Family and then Alchemy Properties.
On the tax block, there were three new building construction projects totaling 218,480 square feet. The largest is a 86-unit, 160,633 square-foot residential (R-2) building submitted by Alchemy Properties and filed by Joel Breitkopf with plans filed November 25, 2024 and it has not been permitted yet. The second largest is a 16-unit, 28,923 square-foot residential (R-2) building submitted by Urban Spring Capital and filed by Jack Ezra with plans filed October 6, 2023 and permitted December 5, 2024.

The majority, or 51 percent of the 407,449 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Townhouse Management Company owned at least four commercial properties with 61 residential units in New York City with 29,135 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $116.1 million in debt, with top three lenders as White Oak Real Estate, Santander Bank, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 96 percent of the 29,135 square feet of built space are walkup properties, with mixed-use properties next occupying 4 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Roni Abudi owned at least 15 commercial properties with 155 residential units in New York City with 117,330 square feet and a city-determined market value of $21.9 million. (Market value is typically about 50% of actual value.) The portfolio has $17.4 million in debt, borrowed from Investors Bank. Within the portfolio, the bulk, or 76 percent of the 117,330 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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