Rybak Dev in contract to pay $9.7M for nearly 41K sf Lenox Hill dev site

Rybak Development and Natalia Sorkin signed a purchase and sale agreement to pay $9.7 million to the Catholic Near East Welfare Association for a mid-block development site at 248-250 East 62nd Street in Lenox Hill, Manhattan. The contract was disclosed in a court filing that is required for the sale of major assets owned by religious or nonprofit corporations.
Court LINK
A set up for the property at 248 East 62nd Street proposes a residential condominium building with 40,968 square feet of residential space if the buyer obtains 6,828 square feet of offsite inclusionary housing certificates. That equates to about $237 per square foot.
Sergey Rybak and Natalia Sorkin signed for the buyer, while Peter I. Vaccari signed for the seller.
The listing broker was Jamison Weiner of Jamison Commercial RE, while the buyer’s broker was Brown Harris Stevens but did not identify any agent, according to the purchase and sale agreement.

The property

The property in Lenox Hill has 7,178 square feet of built space and 26,970 square feet of additional air rights for a total buildable of 34,140 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 100 feet deep with a total lot size of 3,414 square feet. The zoning is C2-8 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 $7.2 million.

Prior sales and revenue

This property was sold for $4 million on July 2, 2010.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

For the tax lot building, it received its initial certificate of occupancy on August 13, 2012.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.1 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 9th highest in Manhattan. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 66,962 square feet of the 105,267 square feet. The largest owner is Robert Stone, followed by Solil Management and then Wendy Jaffe. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 250 East 62 Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $11.4 million. The most recent of the two was Series 2007-I which bought the 2,584-square-foot, two-unit two-family building (B3) on 231 East 62nd Street for $5.9 million from Elizabeth Lowe on January 30, 2024. Of those four items, two were loans above $5 million totaling $60 million. The most recent of the two was Forkosh Development in which borrowed $53 million from Bank of America secured by 30 condo units in the 66,237-square-foot, 36-unit mixed-use building (RM) on 305 East 61st Street and one other property on June 6, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.