Rosemark affiliate pays $7.8M to SMA Equities, others, for retail stripped of air rights in Yorkville

The entity 1501 Third Avenue Partners LLC in care of Rosemark Management paid $7.8 million to SMA Equities, Francis Moezinia, and David Moussazadeh through the entity DMZ III 1501, LLC (and others) for the retail building (K2) at 1501 Third Avenue in Yorkville, Manhattan. This sale is for the existing building only, according to property records. The sellers retain the approximately 17,878 square feet of additional air rights. The sellers also have an interest in at least a portion of a potential development site on the same tax block, at 1491 to 1497 Third Avenue, at the corner of East 84th Street.

The loan closed on April 30, 2025 and was recorded on May 15, 2025. The property has 7,662 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,018, per the PincusCo analysis.
The seller bought the property including the air rights on December 1, 2010, for $5.5 million. The signatory for SMA Equities , Francis Moezinia, and David Moussazadeh was Sassan Mahfar , Francis Moezinia, and David Moussazadeh. The signatory for Rosemark Management was Charles Rosenberg . The contract date was February 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Rosemark Management purchased one property in one transaction for a total of $4.8 million and has no record it sold any properties over the past 24 months.
The seller SMA Equities purchased five properties in two transactions for a total of $28.4 million and sold one property in one transaction for a total of $11.8 million over the same time period. The 7,662-square-foot property generated revenue of $562,411 or $73 per square foot, according to the most recent income and expense figures.

The property

The retail building in Yorkville has 7,662 square feet of built space and 17,878 square feet of additional air rights for a total buildable of 25,540 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 2,554 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 million. The most recent loan totaled $34.3 million and was provided by Safra National Bank on September 7, 2021.

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 $1,160 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 4, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 2.3 times the average sales volume among other neighborhoods with $608 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Yorkville has 1.8 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 38 commercial properties representing 304,634 square feet of the 490,850 square feet. The largest owner is Caiola Family, followed by SMA Equities and then GGP Properties.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 490,850 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Sma Equities owned at least 20 commercial properties with 561 residential units in New York City with 593,358 square feet and a city-determined market value of $131.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 593,358 square feet of built space are elevator properties, with D7 properties next occupying 19 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 13 percent of the space.
The PincusCo database currently indicates that David Moussazadeh owned at least one commercial property with 157 residential units in New York City with 112,889 square feet and a city-determined market value of nan. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D7 property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Rosemark Management owned at least one commercial property with three residential units in New York City with 4,460 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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