Seth Jacobson pays $5.6M for retail condo in Midtown East

Seth Jacobson through the entity E49 Associates LLC paid $5.6 million to Luvinlil Realty LLC for the retail condo at 250 East 49th Street in Midtown East, Manhattan.
The deal closed on August 10, 2022 and was recorded on August 22, 2022. The property has 6,422 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $878 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 April 29, 2014, for $8.2 million. The signatory for Luvinlil Realty LLC was Rafael Urquia II. The signatory for Seth Jacobson was Charles Rimkus.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Seth Jacobson had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Luvinlil Realty LLC had not purchased any other properties and had not sold any properties over the same time period.

The property

The 250 East 49th Street parcel has a total lot size of 6,422 square feet. The rental property has a 421A exemption that started in 2012 and expires in 2022. The city-designated market value for the property in 2022 is $3.1 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 27, 2012. 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 Midtown East, the majority, or 82 percent of the 61.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has 4.1 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Midtown East is the most active neighborhood among other neighborhoods. It had 15.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 25 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 19 commercial properties representing 3,712 square feet of the 655,354 square feet. The identified owner is Ricky Hiang.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 629,828 square feet of built space are office buildings, with retail buildings next occupying 2 percent of the space.

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