Buyer pays $3.2M for 15-unit walkup in Yorkville

The entity Yorkville East Realty LLC, an affiliate of litigation attorney Ylber Albert Dauti, paid $3.2 million to the entity 514 East 81st Street LLC for the 15-unit residential walkup building (C1) at 514 East 81st Street in Yorkville, Manhattan. The expected use is cash flowing.
The deal closed on March 25, 2025 and was recorded on March 27, 2025. The property has 9,630 square feet of built space and 587 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $332 and the price per buildable square foot is $313 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 Paulette Pappas was Paulette Pappas. The signatory for the buyer was Ylber Albert Dauti. The contract date was February 13, 2025. Ylber Albert Dauti is an attorney with Dauti Law Group focusing on litigation.

The Oved brothers, Terrence and Darren Oved who lead the law firm Oved & Oved recently purchased an office building.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ylber Albert Dauti had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paulette Pappas 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 Paulette Pappas, head officer and Eleni Loizides, officer. The business entity is 514 E 81st Street Llc.

The property

The residential walkup building with 15 residential units in Yorkville has 9,630 square feet of built space and 587 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $1.9 million. The property has 6 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 $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 six of the 10 commercial properties representing 309,449 square feet of the 648,961 square feet. The largest owner is Dean Palin, followed by Parkoff Organization and then Rybak Development.
On the tax block, there were two new building construction projects totaling 60,871 square feet. The largest is a 23-unit, 31,042 square-foot residential (R-2) building submitted by Mitchel Maidman with plans filed August 8, 2017 and it has not been permitted yet. The second largest is a nine-unit, 29,829 square-foot residential (R-2) building submitted by Rybak Development and filed by Sergey Rybak with plans filed January 30, 2024 and permitted March 7, 2025.

The majority, or 93 percent of the 648,961 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

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