Troy Realty Capital pays $9.6M for 30-unit elevator building in Yorkville

UPDATED 9 a.m., March 19, 2025: Troy Realty Capital through the entity TRC 95 Property LP paid $9.6 million to the Musano family, Paul Galinson, and Richard Kaplowitz through the entity 315 E 95th St Realty LLC for the 30-unit residential elevator building (C1) at 315 East 95th Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on February 28, 2025 and was recorded on March 17, 2025. The property has 16,902 square feet of built space and 5,813 square feet of additional air rights for a total buildable of 22,725 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $567 and the price per buildable square foot is $422 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 Musano family , Paul Galinson, and Richard Kaplowitz was Gerald Musano , Paul Galinson, and Richard H. Kaplowitz . The signatory for Troy Realty Capital was Reuben Hedaya . The contract date was August 21, 2025. The contract date was incorrectly reported as 8/21/2025, which is not possible since it’s after the closing date. PincusCo is making the assumption the correct date is 8/21/2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Troy Realty Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Musano family 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 Gerald Musano, head officer and Isaac Kaplowitz, officer. The business entity is 315 E 95th St Realty Llc. The 16,902-square-foot property generated revenue of $698,686 or $41 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 30 residential units in Yorkville has 16,902 square feet of built space and 5,813 square feet of additional air rights for a total buildable of 22,725 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,775 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. 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 three housing violations, $700 in OATH penalties, and one housing litigation 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 17 commercial properties representing 311,019 square feet of the 662,291 square feet. The largest owner is Carnegie East House, followed by NYC Department Of Education and then Yecheskel Eisenbach.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 662,291 square feet of built space are elevator buildings, with specialty buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Musano Family owned at least three commercial properties with 70 residential units in New York City with 44,772 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 44,772 square feet of built space are elevator properties, with walkup properties next occupying 45 percent of the space. They are all located in Manhattan.

Correction: A prior version of this post identified the building as a walkup, when in fact it is an elevator building.

Direct link to Acris document. link