Yosef Nazar pays $5M for mixed-use in Midtown East

Yosef Nazar through the entity 204-206 East 58 Street Assets LLC paid $5 million to Sierra Real Estate through the entity 204 E 58th LLC for the two-unit mixed-use building (K4) at 204-206 East 58th Street in Midtown East, Manhattan.
The deal closed on March 18, 2025 and was recorded on March 21, 2025. The property has 9,840 square feet of built space and 6,224 square feet of additional air rights for a total buildable of 16,064 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $508 and the price per buildable square foot is $311 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 signatories for Sierra Real Estate were David Kaufman, Peter Braus , and Charles A. Samuelson. The signatory for Yosef Nazar was Yosef Nazar. The contract date was December 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yosef Nazar purchased one property in one transaction for a total of $10 million and has no record it sold any properties over the past 24 months.
The seller Sierra Real Estate had not purchased any other properties and sold two properties in two transactions for a total of $102.5 million over the same time period. The 9,840-square-foot property generated revenue of $853,882 or $87 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Midtown East has 9,840 square feet of built space and 6,224 square feet of additional air rights for a total buildable of 16,064 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,016 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 $3.6 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 $300 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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 18.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 24 commercial properties representing 130,612 square feet of the 275,247 square feet. The largest owner is Sachs Companies, followed by Pfh 58th Street, Llc and then Witnick Real Estate Partners.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 275,247 square feet of built space are mixed-use buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Sierra Real Estate owned at least one commercial property with 16 residential units in New York City with 8,300 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Yosef Nazar owned at least five commercial properties in New York City with 68,329 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio has $17 million in debt, borrowed from Bank Hapoalim and Bank of America. Within the portfolio, the bulk, or 66 percent of the 68,329 square feet of built space are retail properties, with industrial properties next occupying 18 percent of the space. They are all located in Manhattan.

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