Yan Moshe pays $15M to Alan Fried for commercial in Hell’s Kitchen

Yan Moshe through the entity 456 W 55 Holdings LLC paid $15 million to Alan Fried through the entity 456 Realty Associates, LLC for the midblock office building at 456 West 55th Street in Hell’s Kitchen, Manhattan.
The deal closed on May 3, 2022 and was recorded on May 26, 2022. The property has 21,600 square feet of built space and 23,722 square feet of additional air rights for a total buildable of 45,336 square feet according to PincusCo analysis of city data. The sale price per built square foot is $694 and the price per buildable square foot is $330 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 Alan Fried was Alan Fried. The signatory for Yan Moshe was Yan Moshe.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Yan Moshe purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Alan Fried had not purchased any other properties and had not sold any properties over the same time period. The 21,600-square-foot property generated revenue of $913,225 or $42 per square foot, according to the most recent income and expense figures.

The property

The 456 West 55th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,531 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Hell’s Kitchen, the bulk, or 39 percent of the 45 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Hell’s Kitchen has 3.5 times the average sales volume among other neighborhoods with $972.1 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Hell’s Kitchen has 1.3 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 27 commercial properties representing 54,687 square feet of the 589,922 square feet. The largest owner is Edward Ostad, followed by Brusco Group and then 446 West 55 Street Group LLC. There are two active new building construction projects totaling 64,676 square feet. The largest is a 28-unit, 32,726-square-foot R-2 building developed by Manwei You with plans filed October 1, 2018 and permitted January 17, 2020. The second largest is a 101-unit, 31,950-square-foot R-1 building developed by Samir Gandhi with plans filed July 15, 2013 and it has not been permitted yet.

The majority, or 45 percent of the 614,253 square feet of built space are residential elevator buildings, with industrial buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Yan Moshe owned at least five commercial properties with 64,631 square feet and a city-determined market value of $18.3 million. (Market value is typically about 50% of actual value.) The portfolio has $41.8 million in debt, borrowed from Popular Bank and Nassau Educators Federal Credit Union. Within the portfolio, the bulk, or 39 percent of the 64,631 square feet of built space are retail properties, with mixed-use properties next occupying 32 percent of the space. The bulk, or 39 percent of the built space, is in Queens, with Bronx next at 32 percent of the space.

Surrounding

Within a 400-foot radius of 456 West 55th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Emmut Properties borrowed $32.5 million from Shanghai Commercial Bank secured by the 41,617-square-foot, 60-unit rental (D3) on 433 West 53rd Street on July 26, 2021.

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