Sowa Kousan Inc. pays $9.5M for 8-unit walkup in Lenox Hill, second recent purchase

Sowa Kousan Inc. paid $9.5 million to Kohji Nagasaka and Koji Nagasaka for the eight-unit residential walkup building (C7) at 339 East 75th Street in Lenox Hill, Manhattan.
The deal closed on May 31, 2023 and was recorded on June 12, 2023. The property has 8,370 square feet of built space and 1,140 square feet of additional air rights for a total buildable of 9,504 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,135 and the price per buildable square foot is $999 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 March 30, 2017, for $9.8 million. The signatory for Kohji Nagasaka and Koji Nagasaka was Kohji Nagasaka and Koji Nagasaka. Both buyer and seller are in care of ECA New York Real Estate Advisors. On the same day, the same buyer Sowa Kousan Inc. paid $12 million for the 10-unit 506 East 84th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sowa Kousan Inc. purchased one property and has no record it sold any properties over the past 24 months.
The seller Kohji Nagasaka had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Koji Nagasaka, individual owner and Mike Ionescu, agent. The business entity is Village Views Realty Llc.

The property

The residential walkup building with 8 residential units in Lenox Hill has 8,370 square feet of built space and 1,140 square feet of additional air rights for a total buildable of 9,504 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,376 square feet. The lot is irregular. 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 $4.9 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 one DOB violation and $150 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 eight of the 21 commercial properties representing 89,047 square feet of the 246,611 square feet. The largest owner is Thomas Bifulco, followed by Khedouri K. Ezair Corp. and then Icon Realty Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 246,611 square feet of built space are walkup buildings, with industrial buildings next occupying 19 percent of the space.

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