David Levy Acquires Mixed-Use Property in Theatre District-Times Square for $4.9M
David Levy purchases a mixed-use property in Theatre District-Times Square, Manhattan from Mark S. Thompson for $4,945,455.
David Levy, a prominent real estate investor, has acquired a mixed-use property located at 1071 Avenue Of The Amer in the Theatre District-Times Square neighborhood of Manhattan. The property was sold by Mark S. Thompson for 4,945,455. The property has a building square footage of 185,145 and a lot size of 12,343. The property was last sold for 15,300,000 on January 7, 2022, indicating a significant discount for the buyer.
The property is zoned C5-3, MiD, which allows for a wide range of commercial and residential uses. The property has a FAR of 14.10, which means that the total floor area of the building can be up to 14.10 times the lot area. The property’s tax class is 4, which is typically used for commercial properties.
The property has a permit for alteration issued on July 28, 2021. This indicates that the buyer may have plans to renovate or redevelop the property. The property’s lot dimension is 98.75 ft x 125 ft, providing ample space for development.
The buyer, David Levy, is a well-known real estate investor with a track record of successful acquisitions and developments in the New York City area. The seller, Mark S. Thompson, is a private individual who has owned the property for a relatively short period of time.
The brokers involved in the transaction have not been disclosed. However, given the size and location of the property, it is likely that multiple brokers were involved in the deal. The sale price of 4,945,455 represents a PPBSF of 26 and a PPSF of $28, which is relatively low for the area. This may indicate that the property was sold at a discount due to its current condition or potential for redevelopment.
Overall, the acquisition of this mixed-use property by David Levy represents a significant investment opportunity in one of the most desirable neighborhoods in Manhattan. With its prime location, ample space for development, and favorable zoning, the property has the potential to generate significant returns for the buyer in the years to come.