Sacred Heart School pays $11.4M for Carnegie Hill townhouse

The Convent of the Sacred Heart School of New York paid $11.4 million to the Flessas family for the midblock three-unit townhouse at 6 East 92nd Street in Carnegie Hill, Manhattan.
The deal closed on February 28, 2022 and was recorded on March 11, 2022. The property has 4,862 square feet of built space and 3,180 square feet of additional air rights for a total buildable of 8,052 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,344 and the price per buildable square foot is $1,415 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development included James Flessas, head officer and Cleopatra Flessas, officer. The business entity was Flessas Family Partnership,Lp.

The property

The 6 East 92nd Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,013 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $10.7 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Carnegie Hill, the majority, or 76 percent of the 38.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 9 percent of the space. In sales, Carnegie Hill has 3 times the average sales volume among other neighborhoods with $817.3 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 709,333 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 871,819 square feet of built space are residential elevator buildings, with specialty buildings next occupying 35 percent of the space.

Surrounding

Within a 400-foot radius of 6 East 92nd Street, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $12.6 million. The most recent of these three items was the permit on September 8, 2021 for a 25,184-square-foot R-2 building with 10 residential units at 1290 Madison Avenue.
Of those nine items, six were sales above $5 million totaling $123.2 million. The most recent of the six was 25E92 LLC which bought the 5,941-square-foot, one-unit townhouse (A4) on 25 East 92nd Street for $16 million from David J. Topper and Margaret J. Segal on January 28, 2022.

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