UES mixed-use building sells for $6.2M

Portfolio4 LLC through the entity Portfolio4 LLC paid $6.2 million to Claude Rolo through the entity 1026 Third, LLC for mixed-use building (K4) at 1026 3rd Avenue in Upper East Side, Manhattan.
The deal closed on September 9, 2021 and was recorded on September 27, 2021.
The property has 5,550 square feet of built space and 11,458 square feet of additional air rights for a total buildable of 17,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,117 and the price per buildable square foot is $364 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 Claude Rolo was Claude Rolo. The signatory for Portfolio4 LLC was Paul Xuereb. The buyer entity is in care of the management firm Tri-Star Equities.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Within a 400-foot radius of 1026 3rd Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1,000,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.7 million. The most recent of these two items was the filing on July 14, 2021 for a 26,516-square-foot E building with 0 residential units at 151 East 61st Street.
Of those five items, three were loans above $5 million totaling $120 million. The most recent of the three was a co-op building which borrowed $15 million from National Cooperative Bank secured by the 184,500-square-foot, 136-unit co-op (D4) on 773 Lexington Avenue on June 9, 2021.

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