Skyline Developers pays $50M for 4-parcel corner dev site in Carnegie Hill

UPDATED 2 p.m., Oct. 14: The Wilf family’s Skyline Developers paid $50 million in three separate transactions to one buyer, Maria Armendariz, for four walkup properties comprising a corner development site at the corner of Third Avenue and East 80th Street in Carnegie Hill. Skyline Developers is the New York subsidiary of New Jersey-based Garden Homes Development.

The total buildable for the parcels is 136,702 square feet, according to a representative from Skyline Developers. That would yield a sale price of about $366 per square foot buildable.

Skyline Developers also controls a development site at 10 West 55th Street in Midtown, where it filed plans in May 2020 for a 24-story building with a total of 96 units and 152,689 square feet, Yimby reported at the time.

In the first transaction, Skyline Developers through the entity 187 East 80th Street LLC paid $16.7 million to Maria Armendariz through the entity 1418 Third Avenue LLC for six-unit mixed-use building (S5) at 1410 3rd Avenue in Carnegie Hill, Manhattan.
The deal closed on October 11, 2022 and was recorded on October 13, 2022. The property has 5,170 square feet of built space and 10,225 square feet of additional air rights for a total buildable of 15,400 square feet according to PincusCo analysis of city data.

In the second transaction, Skyline Developers through the entity 1418 3rd LLC paid $16.7 million to Armendariz for the 12-unit residential walkup building (C7) at 1416 3rd Avenue in Carnegie Hill, Manhattan and the 12-unit residential walkup building (C7) at 1412 3rd Avenue in Carnegie Hill, Manhattan.

The two properties have 17,420 square feet of built space and 37,182 square feet of additional air rights for a total buildable of 54,600 square feet according to a PincusCo analysis of city data.

In the third transaction, Skyline Developers through the entity 185 East 80th Street LLC paid $16.7 million to Armendariz for the six-unit mixed-use building (S9) at 185 East 80th Street in Carnegie Hill, Manhattan.

The property has 9,440 square feet of built space and 20,550 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data.

The signatory for Maria Armendariz was Maria Armendariz. The signatory for Skyline Developers was Leonard Wilf.

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Maria Armendariz, individual owner. The 5,170-square-foot property generated revenue of $261,499 or $51 per square foot, according to the most recent income and expense figures.

The property

The 1410 3rd Avenue parcel has frontage of 22 feet and is 70 feet deep with a total lot size of 1,540 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.1 million.The most recent loan totaled $7 million and was provided by Northeast Bank on November 13, 2020.

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

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 Carnegie Hill, the majority, or 57 percent of the 13.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Carnegie Hill has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 13th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 786,730 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 14 commercial properties representing 187,345 square feet of the 277,394 square feet. The largest owner is Brodsky Organization, followed by Maria Armendariz and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 277,394 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Skyline Developers owned at least 18 commercial properties in New York City with about 1.4 million square feet and 712 residential units.

The seller

The PincusCo database currently indicates that Maria Armendariz owned at least four commercial properties in New York City with 32,030 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Northeast Bank. Within the portfolio, the bulk, or 54 percent of the 32,030 square feet of built space are walkup properties, with mixed-use properties next occupying 46 percent of the space. They are all located in Manhattan.

Correction: An earlier version of this post included a calculation of the total buildable based on city data that yielded 67,958 square feet. However, a representative from Skyline said the total buildable is in fact 136,702 square feet.

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