TZM Realty pays $5M to Glen Burger for 16-unit walkup in Yorkville

TZM Realty through the entity Zachery 88 LLC paid $5 million to Glen Burger through the entity East 88th Street Apartment Group, LLC for the 16-unit residential walkup building (C7) at 520 East 88th Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on November 20, 2024 and was recorded on November 26, 2024. The property has 8,935 square feet of built space and 1,132 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $565 and the price per buildable square foot is $501 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 Glen Burger was Glen Burger. The signatory for TZM Realty was Kostas Zachariadis. The contract date was August 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer TZM Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Glen Burger 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 Glen Burger, head officer and Dorene Burger, shareholder. The business entity is East 88th Street Apartment Group Llc.

The property

The residential walkup building with 16 residential units in Yorkville has 8,935 square feet of built space and 1,132 square feet of additional air rights for a total buildable of 10,068 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,517 square feet. 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 $2.4 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 $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 nine of the 22 commercial properties representing 333,643 square feet of the 459,863 square feet. The largest owner is Solow Realty & Development, followed by Hubb Nyc and then Ditmas Management Corp..
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 459,863 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

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