Vacant 8-unit Gramercy townhouse sells $12.5M

The entity Dans La Metropole, LLC paid $12.5 million to Susan Sheehan through the entity 136 East 16th Street, LLC for the eight-unit residential walkup building (C1) at 136 East 16th Street in Gramercy, Manhattan.
The deal closed on April 28, 2023 and was recorded on May 3, 2023. The property has 7,542 square feet of built space and 3,596 square feet of additional air rights for a total buildable of 11,152 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,657 and the price per buildable square foot is $1,120 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 Susan Sheehan was Elliott Meisel. The signatory for Dans La Metropole, LLC was Elise G. Liebowitz. The property will be delivered vacant, per a listing in Streeteasy.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Susan Sheehan 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 Susan Sheehan, head officer and Suzanne Imber, site manager. The business entity is 136 East 16 Street, Llc.

The property

The residential walkup building with 8 residential units in Gramercy has 7,542 square feet of built space and 3,596 square feet of additional air rights for a total buildable of 11,152 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 103 feet deep with a total lot size of 2,788 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 $5.9 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 $150 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 seven of the 20 commercial properties representing 283,420 square feet of the 663,960 square feet. The largest owner is Samco Properties, followed by Lee Strasberg Theatre & Film Institute and then Kano Real Estate Investors.
On the tax block, there was one new building construction project filed totaling 110,142 square feet. It is a 150-unit, 110,142 square-foot residential (R-2) building submitted by Tishman Speyer and filed by Dan Unger with plans filed February 16, 2023 and it has not been permitted yet.

The majority, or 72 percent of the 663,960 square feet of built space are office buildings, with specialty buildings next occupying 8 percent of the space.

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