Ruslan Musaev pays $3.1M to Walter & Samuels for retail in Flatiron District, 4th W&S sale since March

Ruslan Musaev through the entity 40 East 20th LLC paid $3.1 million to Walter & Samuels through the entity Walsam 40 East 20 LLC for the retail condo at 40 East 20th Street in Flatiron District, Manhattan. The expected use is cash flowing. This is the fourth property Walter & Samuels has sold since March 2024.
The deal closed on July 25, 2024 and was recorded on August 7, 2024. The property has 3,541 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $875 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 seller bought the property on March 23, 2015, for $4.6 million. The signatory for Walter & Samuels was David I. Berley. The signatory for Ruslan Musaev was Ruslan Musaev. The contract date was May 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ruslan Musaev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Walter & Samuels had not purchased any other properties and sold three properties in three transactions for a total of $39.4 million over the same time period.

The property

The retail condo in Flatiron District has 3,541 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,541 square feet. The city-designated market value for the property in 2022 is $3.4 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 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 $1 million on this tax lot.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 1.2 times the average sales volume among other neighborhoods with $307.9 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Flatiron District has 2.6 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 329,571 square feet of the 587,057 square feet. The largest owner is Feil Organization, followed by Justin Management and then Michael Marton.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 587,057 square feet of built space are office buildings, with retail buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Walter & Samuels owned at least 10 commercial properties with 30 residential units in New York City with 548,697 square feet and a city-determined market value of $131.6 million. (Market value is typically about 50% of actual value.) The portfolio has $112.1 million in debt, with top three lenders as Bank of America, Citibank, and Maurice Kohan respectively. Within the portfolio, the bulk, or 80 percent of the 548,697 square feet of built space are office properties, with specialty properties next occupying 14 percent of the space. They are all located in Manhattan.

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