Witnick Real Estate pays $12M to Lemle family for 25-unit walkup in Yorkville

Witnick Real Estate Partners through the entity 443 E 88th Partners LLC paid $12 million to J. Stuart Lemle and L. Stuart Lemle through the entity 4g-88th Street Family LLC for the 25-unit residential walkup building at 443 East 88th Street in Yorkville, Manhattan.
The deal closed on January 5, 2022 and was recorded on January 19, 2022.
The property has 16,244 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $738 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 November 29, 2010, for $228,015.
The signatory for J. Stuart Lemle and L. Stuart Lemle was J. Stuart Lemle and L. Stuart Lemle. The signatory for Witnick Real Estate Partners was Ramiel Ben-Yehuda.
Prior to this transaction, the buyer Witnick Real Estate Partners purchased nine properties in eight transactions for a total of $60.4 million and sold two properties in two transactions for a total of $8.7 million over the past 24 months.

The 16,244-square-foot property generated revenue of $852,373 or $52 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $537,610.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 76 percent of the 800,646 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 16 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Craig Lemle, head officer and Steve Brecker, officer. The business entities were Douglas Elliman Property Management and 4g-88th Street Family Llc.

Within a 400-foot radius of 443 East 88th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which InSite Property Group bought the 29,004-square-foot, one-unit industrial (G1) on 434 East 90th Street for $19.8 million from Parkland Group on March 11, 2021.
Of those four items, three were loans above $5 million totaling $28.3 million. The most recent of the three was East River Tower cooperative which borrowed $15 million from Apple Bank For Savings secured by the 391,194-square-foot, 262-unit co-op (D4) on 1725 York Avenue on January 25, 2021.

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