Vibe Flats pays $12M for 28-unit walkup in Kips Bay
Vibe Flats and affiliate JDL & Sons through the entity Marc Gramercy 240 LLC paid $12 million to Salvatore Notaro through the entity JGJ Realty Holdings, LLC for the 28-unit residential walkup building (C7) at 240 East 28th Street in Kips Bay, Manhattan.
The deal closed on May 1, 2023 and was recorded on May 5, 2023. The property has 17,569 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $683 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 seller bought the property on July 27, 2017, for $19 million. The signatory for Salvatore Notaro was Salvatore Notaro. The signatory for Vibe Flats and JDL & Sons was Darren Lachar.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Vibe Flats had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Salvatore Notaro had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Sal Notaro, head officer. The business entity is Jgj Realty Holdings Llc. The 17,569-square-foot property generated revenue of $847,070 or $48 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 28 residential units in Kips Bay has 17,569 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 98 feet deep with a total lot size of 3,702 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 $5.7 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 $250 in ECB penalties and $1,450 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 10 of the 17 commercial properties representing 325,662 square feet of the 397,743 square feet. The largest owner is Zohar Ben-Dov, followed by Vickers Realty and then Stonehenge NYC.
There are no active new building construction projects on this tax block.
The majority, or 78 percent of the 397,743 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.
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