Evenhar Development, LTNG buy two NoMad properties for $9.5M, expanding dev site

Evenhar Development and LTNG purchased two NoMad properties for a total of $9.5 million, newly filed public records show, expanding a development site disclosed in 2021 when it signed a 99-year ground lease valued at $7 million with two churches, which PincusCo reported at the time. Evenhar intends to develop a mixed-use condominium or a mixed-use rental building according to city records.

At the same time, the developers borrowed $11.05 million from Fort Amsterdam Capital and Tilden Park Capital Management.

Evenhar and LTNG purchased 150 Lexington Avenue, a midblock six-unit mixed-use building for $6.2 million and the two-unit building at 130 East 30th Street for $3.3 million. The 2021 ground leases covered 152 and 154 Lexington Avenue.

Oren Evenhar was the signatory for Evenhar Development in both deals through the entity Lexington South Two LLC. The 150 Lexington Avenue was bought from Robert Newman, who is part of the staff for The Old Print Shop, an art gallery located at the address. The other property was purchased from Carolyn Preston.

The deals closed on March 11, 2022 and were recorded on March 29, 2022.

According to an option agreement between Evenhar and Newman, Evenhar intends to demolish the building and construct a new development. This new building will take up lots 69, 70, 71 and 72 on block 885 and will be either a mixed-use condominium or mixed-use rental building.

Through the contract, Evenhar granted Robert Newman the exclusive option to either rent or buy the retail space in the new development presumably for The Old Print Shop.

Fort Amsterdam Capital financed the purchase of both properties as well as 154 and 152 Lexington.

The total loan amount was $11.05 million. Oded Ben-Nun was the signatory on the loan. Ben-Nun is the co-founder of LTNG,  a private real estate development company.

Evenhar and LTNG did not immediately respond to a PincusCo request for comment.

The 150 Lexington property has 8,000 square feet of built space and 6,863 square feet of additional air rights for a total buildable of 14,863 square feet according to PincusCo analysis of city data. The sale price per built square foot is $771 and the price per buildable square foot is $415 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 130 East 30th Street property has 3,080 square feet of built space and 2,862 square feet of additional air rights for a total buildable of 5,941 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,071 and the price per buildable square foot is $555 per the PincusCo analysis.

Prior sales and revenue

The former owners of 150 Lexington, according to the Department of Housing Preservation and Development includes Robert Newman, head officer and Harry Newman, officer. The business entities are The Old Print Shop Inc and The Old Print Shop Inc. The 8,000-square-foot property generated revenue of $351,680 or $44 per square foot, according to the most recent income and expense figures.

The former owners of 130 East 30th Street, according to the Department of Housing Preservation and Development includes Carolyn Preston, individual owner and Michael Gonzalez, site manager.

The property

The 150 Lexington parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,469 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.1 million.

The 130 East 30th Street parcel has frontage of 20 feet and is 49 feet deep with a total lot size of 987 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.9 million.

Violations and lawsuits

Neither property was involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the 150 Lexington property has received $600 in OATH penalties in the last year. The 130 East 30th Street property has received $50 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 $5 million on this tax lot.

The neighborhood

In NoMad, the majority, or 59 percent of the 14.3 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 17 percent of the space. In sales, NoMad has 3.8 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, NoMad has had very little major development activity relative to other neighborhoods.It had 268,290 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 39 commercial properties representing 96,418 square feet of the 643,873 square feet. The largest owner is Caiola Family, followed by Algin Management and then Scharfman Organization. There is one active new building construction project totaling 13,526 square feet. It is a 40-unit, 13,526-square-foot hotel (R-1) building developed by Navnit Kumar with plans filed July 17, 2017 and it has not been permitted yet. The majority, or 61 percent of the 873,121 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 11 percent of the space.

Surrounding

Within a 400-foot radius of 150 Lexington, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.

Of those 10 items, three were sales above $5 million totaling $42 million. The most recent of the three was Slate Property Group which bought the 51,953-square-foot, 134-unit hotel (H3) on 161 Lexington Avenue for $29.9 million from Apple Core Hotels on January 19, 2022.

Of those 10 items, seven were loans above $5 million totaling $157.1 million. The most recent of the seven was Caiola Family which borrowed $6.3 million from JPMorgan Chase secured by the 28,240-square-foot, 53-unit rental (D3) on 151 Lexington Avenue on February 18, 2022.

Direct link to Acris document. link

Direct link to Acris document. link