Salvatore Gaudio pays $5.8M for 16-unit walkup in Lenox Hill

Salvatore Gaudio and Vilma Gaudio through the entity A&L Gaudio 1391 LLC paid $5.8 million to Salvatore Notaro through the entity 1391 Second Avenue Realty Corp. for the 16-unit residential walkup building (C7) at 1391 2nd Avenue in Lenox Hill, Manhattan.
The deal closed on June 27, 2023 and was recorded on July 10, 2023. The property has 8,425 square feet of built space and 11,936 square feet of additional air rights for a total buildable of 20,370 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $688 and the price per buildable square foot is $284 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 Salvatore Notaro was Salvatore Notaro. The signatory for Salvatore Gaudio and Vilma Gaudio was Salvatore Gaudio and Vilma Gaudio.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Salvatore Gaudio purchased two properties in one transaction for a total of $6.8 million and sold one property in one transactions for a total of $7.3 million over the past 24 months.
The seller Salvatore Notaro had not purchased any other properties and sold one property in one transaction for a total of $12 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Sal Notaro, head officer. The business entity is 1391 Second Avenue Realty Corp. The 8,425-square-foot property generated revenue of $397,241 or $47 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Lenox Hill has 8,425 square feet of built space and 11,936 square feet of additional air rights for a total buildable of 20,370 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 75 feet deep with a total lot size of 2,037 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $13 million money judgment concerning a contract filed on August 24, 2022, by Zayyan Realty LLC against Salvatore Notaro. 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 block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 166,432 square feet of the 182,853 square feet. The identified owner is Alexandra Koeppel.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 182,853 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Salvatore Gaudio owned at least three commercial properties with 33 residential units in New York City with 31,750 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Maspeth Federal Savings and Loan Association. Within the portfolio, all identified are walkup properties. The bulk, or 63 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

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