Sergey Shimon pays $3.5M for two retail condos in Lincoln Square

Sergey Shimon through the entity Lss Of New York LLC paid $3.5 million to Larry Ingenito through the entity Jovila Realty Development Corp. for two retail condos at 211 West 71st Street in Lincoln Square, Manhattan.
The deal closed on March 23, 2022 and was recorded on April 4, 2022.The two properties have 3,922 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $886 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 Larry Ingenito was Larry Ingenito. The signatory for Sergey Shimon was Sergey Shimon.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Sergey Shlmon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Larry Ingenito had not purchased any other properties and had not sold any properties over the same time period.

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 Lincoln Square, the majority, or 67 percent of the 30.8 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $255.9 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Lincoln Square has had very little major development activity relative to other neighborhoods.It had 312,706 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On the tax block of 211 West 71st Street, PincusCo has identified the owners of six of the 30 commercial properties representing 141,940 square feet of the 638,125 square feet. The largest owner is Dominique Olbert, followed by Brusco Group and then Marc Wigder. There are two active new building construction projects totaling 35,764 square feet. The largest is a 19-unit, 30,504-square-foot R-2 building developed by Scott Shnay with plans filed December 7, 2017 and permitted August 6, 2019. The second largest is a two-unit, 5,260-square-foot R-3 building developed by Mary Margaret Chan with plans filed November 19, 2020 and it has not been permitted yet.

The majority, or 72 percent of the 746,449 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space.

Surrounding

Within a 400-foot radius of 211 West 71st Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Ostb 174 West 72nd Street, LLC bought the 7,755-square-foot, eight-unit mixed-use building (S9) on 174 West 72nd Street for $5.4 million from Maureen Donohue on January 11, 2022.
One of those three items was a loan which Fine Times borrowed $50 million from Citibank secured by the 30,480-square-foot, six-unit mixed-use building (S5) on 219 West 71st Street and 19 other properties on August 10, 2021.

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