Unknown buyer pays $12.5M to Kalimian family for residential walkup in Yorkville

The entity DBK 1497 Third LLC paid $12.5 million to the Kalimian family through the entity Dkf 1497 Third LLC for the 15-unit residential walkup building (C7) at 1497 Third Avenue in Yorkville, Manhattan. The Kalimian family has owned this property since at least 1968 and in recent years members of the family have bought and sold stakes in this building.
The deal closed on January 22, 2025 and was recorded on January 24, 2025. The property has 9,767 square feet of built space and 15,658 square feet of additional air rights for a total buildable of 25,420 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,279 and the price per buildable square foot is $491 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 sellers bought a 75 percent stake in the property on April 29, 2022, for $6.7 million. The signatory for the sellers was Debra Kalimian. The signatory for the buyer was attorney Edward J. Bullard Jr. The contract date was September 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bullard Law Group Registered purchased one property in one transaction for a total of $4.4 million and has no record it sold any properties over the past 24 months.
The seller Debra Kalimian 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 David Kalbfeld, head officer and James Sheehan, officer. The business entity is Dkf 1497 Third Llc. The 9,767-square-foot property generated revenue of $768,512 or $79 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in Yorkville has 9,767 square feet of built space and 15,658 square feet of additional air rights for a total buildable of 25,420 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,542 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million. The property has 3 rent regulated units according to city tax records from 2023.

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 and $400 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 20 of the 38 commercial properties representing 304,634 square feet of the 490,850 square feet. The largest owner is Caiola Family, followed by Sma Equities and then Gpg Properties.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 490,850 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Debra Kalimian owned at least five commercial properties with 170 residential units in New York City with 160,850 square feet and a city-determined market value of $58.9 million. (Market value is typically about 50% of actual value.) The portfolio has $28.5 million in debt, borrowed from Citibank and M&T Bank. Within the portfolio, the bulk, or 92 percent of the 160,850 square feet of built space are elevator properties, with walkup properties next occupying 6 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Bullard Law Group Registered owned at least one commercial property in New York City with 6,550 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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