ZHL Group pays $4.7M to Townhouse Property Group for residential walkup in Lenox Hill

ZHL Group through the entity 316-318 East 77 LLC paid $4.7 million to Townhouse Property Group through the entity 316 East 77th LLC for the eight-unit residential walkup building (C1) at 316 East 77th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on March 20, 2026 and was recorded on March 25, 2026. The property has 7,095 square feet of built space and 3,115 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 $662 and the price per buildable square foot is $460 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 January 23, 2019, for $5 million. The signatory for Townhouse Property Group was Sean Lavin . The signatory for ZHL Group was Mikhail Lit. The contract date was November 21, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer ZHL Group purchased three properties in three transactions for a total of $42.2 million and has no record it sold any properties over the past 24 months.
The seller Townhouse Property Group 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 Sean Lavin, head officer and David Nelson, site manager. The business entity is 316 East 77th Llc.

The property

The residential walkup building with 8 residential units in Lenox Hill has 7,095 square feet of built space and 3,115 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 $4.4 million.

Transaction Participants

Yevgeny Tsyngauz at TSYNGAUZ & ASSOCIATES, P.C. participated in the transaction on behalf of the buyer .

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 $100 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 123488056, for a 15-unit, 9,639 square-foot R-2 building. The project was submitted by Sean Lavin with plans filed March 5, 2019 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 136,902 square feet of the 273,609 square feet. The largest owner is Garage Management Corporation, followed by Aryeh Realty and then Howard Balaban.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 273,609 square feet of built space are walkup buildings, with specialty buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Townhouse Property Group owned at least eight commercial properties with 42 residential units in New York City with 56,306 square feet and a city-determined market value of $23.8 million. (Market value is typically about 50% of actual value.) The portfolio has $45 million in debt, borrowed from Maxim Capital Group and Dime Community Bank. Within the portfolio, the bulk, or 59 percent of the 56,306 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Zhl Group owned at least 13 commercial properties with 108 residential units in New York City with 84,011 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 84,011 square feet of built space are office properties, with industrial properties next occupying 41 percent of the space. The bulk, or 46 percent of the built space, is in Manhattan, with Bronx next at 43 percent of the space.

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