Shaban Sinanaj, Alban Prelvukaj pay $9.1M for commercial in Midtown East

Shaban Sinanaj and Alban Prelvukaj through the entity 216 East LLC paid $9.1 million to an affiliate of investor Alexander Gurevich through the entity 216 E. 49th Street, L.L.C. for the office and retail building (O5) at 216 East 49th Street in Midtown East, Manhattan.
The deal closed on June 17, 2024 and was recorded on June 21, 2024. The property has 14,976 square feet of built space and 1,898 square feet of additional air rights for a total buildable of 16,872 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $604 and the price per buildable square foot is $536 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 Alexander Gurevich was Anatoliy Gurevich. The signatory for Shaban Sinanaj and Alban Prelvukaj was Shaban Sinanaj. The contract date was December 19, 2023. Alexander Gurevich https://www.linkedin.com/in/alexandergurevich1/ bought the property in 1997 for $2.15 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shaban Sinanaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alexander Gurevich had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Midtown East has 14,976 square feet of built space and 1,898 square feet of additional air rights for a total buildable of 16,872 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,218 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 $6.2 million.

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 $200 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 Midtown East, The majority, or 81 percent of the 62.6 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 the 2nd highest sale turnover among other neighborhoods in the city with $3.6 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 16.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 27 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 three of the 11 commercial properties representing 574,047 square feet of the 629,828 square feet. The largest owner is William Kaufman Organization, followed by Ricky Hiang and then Moshe Khoshkheraman.
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.

Direct link to Acris document. link