Soudha Realty pays $4M for 5-unit walkup in Lenox Hill
Soudha Realty paid $4 million to the entity Nancy Sara LLC for the five-unit residential walkup building (C2) at 233 East 60th Street in Lenox Hill, Manhattan.
The deal closed on November 29, 2023 and was recorded on December 8, 2023. The property has 5,618 square feet of built space and 3,022 square feet of additional air rights for a total buildable of 8,636 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $711 and the price per buildable square foot is $463 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 Sara Shubert was Sara Shubert. The signature for Soudha Realty was not legible. The contract date was October 23, 2023. The buyer is registered at the address of Sailaja Alapati.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sara Shubert had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Sara Shubert, head officer. The business entity is Nancy Sara LLC.
The property
The residential walkup building with 5 residential units in Lenox Hill has 5,618 square feet of built space and 3,022 square feet of additional air rights for a total buildable of 8,636 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,159 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 $4.6 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 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 138,985 square feet of the 241,371 square feet. The largest owner is Stonehenge NYC, followed by Olshan Properties and then Jane D’Agostino.
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 241,371 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.
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