Townhouse Management Company sells 16-unit walkup in Yorkville for $5.8M

The entity 1582 York Avenue LLC with anonymous ownership paid $5.8 million to Townhouse Management Company through the entity 1582 York LLC for the 16-unit residential walkup building (C7) at 1582 York Avenue in Yorkville, Manhattan.
The deal closed on October 16, 2023 and was recorded on November 9, 2023. The property has 7,700 square feet of built space and 10,983 square feet of additional air rights for a total buildable of 18,680 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $753 and the price per buildable square foot is $310 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 Townhouse Management Company was Mitchel Maidman. The signatory for 1582 York Avenue LLC was Charlie Attias. The contract date was August 15, 2023. The buyer entity was in the care of a lawfirm.

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 Townhouse Management Company had not purchased any other properties and sold five properties in three transactions for a total of $21 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mitchel Maidman, head officer and Tony Conte, officer. The business entity is 1582 York LLC. The 7,700-square-foot property generated revenue of $583,222 or $76 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Yorkville has 7,700 square feet of built space and 10,983 square feet of additional air rights for a total buildable of 18,680 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 74 feet deep with a total lot size of 1,868 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 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 two DOB violations and three housing 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 seven of the 29 commercial properties representing 60,060 square feet of the 276,437 square feet. The largest owner is Scharfman Organization, followed by S.W. Management and then Nathan Yanovitch.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 276,437 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Townhouse Management Company owned at least four commercial properties with 61 residential units in New York City with 29,135 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $97.2 million in debt, with top three lenders as White Oak Real Estate, Santander Bank, and OceanFirst Bank respectively. Within the portfolio, the bulk, or 96 percent of the 29,135 square feet of built space are walkup properties, with mixed-use properties next occupying 4 percent of the space. They are all located in Manhattan.

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