Yosi Cohen pays $6.4M for 2 adjacent walkups in Lenox Hill

Yosi Cohen paid $6.4 million to Albert J. Limata for two adjacent residential walkup buildings at 132-134 East 64th Street in Lenox Hill, Manhattan, in two transactions.

In the first, Yosi Cohen through the entity South Second Street Ventures LLC paid $3.2 million to Albert J. Limata through the entity Albert J. Limata, LLC for the eight-unit residential walkup building (C5) at 134 East 64th Street in Lenox Hill, Manhattan.
The deal closed on May 23, 2023 and was recorded on May 26, 2023. The property has 3,600 square feet of built space and 9,948 square feet of additional air rights for a total buildable of 13,545 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $902 and the price per buildable square foot is $239 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 Albert J. Limata was Albert J. Limata. The signatory for Yosi Cohen was Yosi Cohen.

In the second, Yosi Cohen through the entity South Second Street Ventures LLC paid $3.2 million to Albert J. Limata through the entity Albert J. Limata, LLC for the eight-unit residential walkup building (C5) at 132 East 64th Street in Lenox Hill, Manhattan. The deal closed on May 23, 2023 and was recorded on May 26, 2023. The property has 3,600 square feet of built space and 2,423 square feet of additional air rights for a total buildable of 6,020 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $902 and the price per buildable square foot is $539 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 Albert J. Limata was Albert J. Limata. The signatory for Yosi Cohen was Yosi Cohen.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yosi Cohen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Albert J. Limata 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 Albert Limata Jr, individual owner and Peter Daniel Franco, site manager.

The property

The residential walkup building at 134 East 64th Street with 8 residential units in Lenox Hill has 3,600 square feet of built space and 9,948 square feet of additional air rights for a total buildable of 13,545 square feet according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,505 square feet. The zoning is C1-8X which allows for up to 2 times floor area ratio (FAR) for commercial and up to 9 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $4.1 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 25 commercial properties representing 77,555 square feet of the 195,108 square feet. The largest owner is Zachary Lebwohl, followed by Sunny Wu and then Manocherian Brothers.
On the tax block, there were two new building construction projects totaling 18,767 square feet. The largest is a five-unit, 10,741 square-foot residential (R-2) building submitted by Michael D’Alessio with plans filed June 29, 2015 and permitted December 30, 2015. The second largest is a one-unit, 8,026 square-foot residential (R-3) building with plans filed August 24, 2011 and permitted February 20, 2014.

The majority, or 32 percent of the 195,108 square feet of built space are elevator buildings, with mixed-use buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Yosi Cohen owned at least 12 commercial properties with 504 residential units in New York City with 367,224 square feet and a city-determined market value of $74.4 million. (Market value is typically about 50% of actual value.) The portfolio has $85.7 million in debt, borrowed from Customers Bank and Bank Leumi. Within the portfolio, the bulk, or 84 percent of the 367,224 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 15 percent of the space.

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