Turret Equities buys $15.5M note secured by townhouse in Carnegie Hill

Turret Equities, led by David E. Dweck, through the entity NYC TH Share Holder LLC, bought a note with an original principal of $15.5 million from Goodman Capital secured by Jeffrey M. Krauss’s nine-unit residential elevator townhouse (D4) at 7 East 88th Street in Carnegie Hill, Manhattan.
Carrie Chiang of the Corcoran Group is marketing the building for $18.8 million as a potential single-family home as it would be delivered vacant, according to the listing on StreetEasy.
The note sale closed on July 3, 2024 and was recorded on August 15, 2024. The prior lender was Goodman Capital which held debt that had an original loan amount of $15.5 million.

The property has 9,800 square feet of built space and 73 square feet of additional air rights for a total buildable of 9,864 square feet according to a PincusCo analysis of city data.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Mark Hoffman, head officer and Steven Hoffman, agent. The business entities are Hoffman Management and 7 East 88th Street Inc.

The property

The residential elevator building with 9 residential units in Carnegie Hill has 9,800 square feet of built space and 73 square feet of additional air rights for a total buildable of 9,864 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,466 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $7.4 million. The most recent loan totaled $7.2 million and was provided by Goodman Capital on April 29, 2020.

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 $50 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 two of the five commercial properties representing 71,776 square feet of the 341,048 square feet. The two identified owners are Khedouri Ezair and Abro Management.
On the tax block, there was one new building construction project filed totaling 54,980 square feet. It is a 15-unit, 54,980 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed August 8, 2018 and permitted May 24, 2019.

The majority, or 76 percent of the 341,048 square feet of built space are elevator buildings, with specialty buildings next occupying 24 percent of the space.

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