Shink Co. pays $10.5M to JAM Real Estate for residential walkup in Yorkville

The Japanese company Shink Co. through the entity Shink Co., Ltd. paid $10.5 million to JAM Real Estate Partners through the entity Jam 422e81 LLC for the 20-unit residential walkup building (C1) at 422 East 81st Street in Yorkville, Manhattan.
The deal closed on November 30, 2023 and was recorded on December 7, 2023. The property has 11,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $954 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 December 10, 2019, for $6.2 million. The signatory for JAM Real Estate Partners was Jared S. Pinchasick. The signatory for Shink Co. was Susan Oh. The contract date was November 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shink Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller JAM Real Estate Partners purchased five properties in two transactions for a total of $25.7 million and sold one property in one transaction for a total of $8.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steve Pinchasick, head officer and Mark Levine, agent. The business entities are Ebmg Llc and Jam 422e81 Llc.

The property

The residential walkup building with 20 residential units in Yorkville has 11,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $3 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 $300 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 block

On this tax block, PincusCo has identified the owners of 13 of the 24 commercial properties representing 715,200 square feet of the 823,612 square feet. The largest owner is Rita Kalimian Sakhaie, followed by Nilesh S. Shah and then Mordehy “Moti” Haber.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 823,612 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Jam Real Estate Partners owned at least eight commercial properties with 119 residential units in New York City with 80,039 square feet and a city-determined market value of $32.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Correction: A prior version of this post had a link to a Japanese company with a similar name, but not exactly the same, as the buyer. The link has been removed.

Direct link to Acris document. link