Scott Ostlund pays $10.9M for 6-unit walkup in Carnegie Hill

Scott Ostlund through the entity Tigonderoga NYC LLC paid $10.9 million to Markos Drakotos through the entity 25 East 94th Street LLC for midblock six-unit residential walkup building at 25 East 94th Street in Carnegie Hill, Manhattan.
The deal closed on June 16, 2022 and was recorded on June 28, 2022. The property has 6,710 square feet of built space and 14,514 square feet of additional air rights for a total buildable of 21,220 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,618 and the price per buildable square foot is $511 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 November 1, 2011, for $5.5 million. The signatory for Markos Drakotos was Markos Drakotos. The signatory for Scott Ostlund was Scott Ostlund.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Scott Ostlund had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Markos Drakotos had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Drakotos, head officer and Nikitas Drakotos, officer. The business entity is 25 East 94th Street Llc.

The property

The 25 East 94th Street parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,122 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties 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 commercial 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

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 13,440 square feet of the 261,584 square feet. The two identified owners are Desmond Timothy and Mark Drakotos. There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 644,878 square feet of built space are residential elevator buildings, with specialty buildings next occupying 34 percent of the space.

Surrounding

Within a 400-foot radius of 25 East 94th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were sales above $5 million totaling $87.5 million. The most recent of the three was Wendy Greenbaum which bought the 70,820-square-foot, 18-unit co-op (D4) on 1125 5th Avenue for $45 million from Martin Von Haselberg on July 9, 2021.

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