Three residential walkups in Murray Hill sell for $6.8M

The entity 235-239-241 39th St LLC paid $6.8 million to several partial owners for the eight-unit residential walkup building (C4) at 235 East 39th Street in Murray Hill, Manhattan, eight-unit residential walkup building (C1) at 239 East 39th Street in Murray Hill, Manhattan, and eight-unit residential walkup building (C1) at 241 East 39th Street in Murray Hill, Manhattan.
The deal closed on December 18, 2023 and was recorded on January 22, 2024. The three properties have 12,688 square feet of built space and 40,170 square feet of additional air rights for a total buildable of 52,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $531.
The signatories for the sellers were Cynthia Miltenberg, Howard Balaban, Sam I. Elias, Andrew T. Miltenberg, and Ira S. Nesenoff. The signatory for the buyer was Pouya Toobian. The contract date was October 10, 2023.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 235 East 39th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pouya Toobian had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cynthia Miltenberg 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 Magdalena Kosz, head officer and Angela Cronk, agent. The business entities are C/O Clarke R E Corp and Mini Moo Realty Llc.

The property

The residential walkup building with 8 residential units in Murray Hill has 12,688 square feet of built space and 40,170 square feet of additional air rights for a total buildable of 52,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 61 feet deep with a total lot size of 1,481 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 $3.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $550 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 the tax block of 235 East 39th Street, PincusCo has identified the owners of six of the 18 commercial properties representing 1,291,569 square feet of the 1,372,208 square feet. The two identified owners are Fisher Brothers and Brause Realty.
On the tax block, there was one new building construction project filed totaling 3,320 square feet. It is a six-unit, 3,320 square-foot residential (R-2) building submitted by David Brause with plans filed February 16, 2022 and permitted May 9, 2022.

The majority, or 66 percent of the 1.4 million square feet of built space are office buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Howard Balaban owned at least three commercial properties with 85 residential units in New York City with 47,768 square feet and a city-determined market value of $15.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Pouya Toobian owned at least one commercial property with six residential units in New York City with 4,875 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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