Setton family pays $5M to Alyssa Wilk for mixed-use in Lenox Hill

The Setton family through the entity 164 East 61st LLC paid $5 million to Alyssa Wilk through the entity Oakwood Equities LLC for the six-unit mixed-use building (S5) at 164 East 61st Street in Lenox Hill, Manhattan.
The deal closed on July 2, 2024 and was recorded on July 10, 2024. The property has 5,800 square feet of built space and 2,227 square feet of additional air rights for a total buildable of 8,028 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $853 and the price per buildable square foot is $616 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 15, 2012, for $5.9 million. The signatory for Alyssa Wilk was Alyssa Wilk. The signatory for the Setton family was Joseph Cohen. The contract date was May 27, 2024. The buyer entity is at the address of the Setton family, including Maurice Setton and Joseph Setton.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maurice Setton purchased one property in one transaction for a total of $5.4 million and has no record it sold any properties over the past 24 months.
The seller Alyssa Wilk had not purchased any other properties and sold one property in one transaction for a total of $5.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alyssa Wilk, head officer and Carlos Quezada, site manager. The business entity is Oakwood Equities Llc.

The property

The mixed-use building with 6 residential units in Lenox Hill has 5,800 square feet of built space and 2,227 square feet of additional air rights for a total buildable of 8,028 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,007 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.6 million. The most recent loan totaled $12.3 million and was provided by Castellan Capital on December 21, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $24,375 in ECB penalties and $25,405 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 $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.4 billion in sales volume in the last two years. For development, Lenox Hill is the 7th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 37 commercial properties representing 78,364 square feet of the 404,431 square feet. The largest owner is Vrahos Llc, followed by Kahen Properties and then Icon Realty Management.
On the tax block, there was one new building construction project filed totaling 7,916 square feet. It is a seven-unit, 7,916 square-foot residential (R-2) building submitted by Majid Kahen with plans filed March 4, 2022 and permitted April 26, 2024.

The majority, or 56 percent of the 404,431 square feet of built space are office buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Alyssa Wilk owned at least two commercial properties with seven residential units in New York City with 8,500 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) The portfolio has $12.3 million in debt, borrowed from Castellan Capital. Within the portfolio, the bulk, or 68 percent of the 8,500 square feet of built space are mixed-use properties, with A9 properties next occupying 32 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Maurice Setton owned at least one commercial property with one residential unit in New York City with 3,014 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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