The Real Deal New York

Yair Levy wants to be the new king of Tin Pan Alley

Developer buys corner site for $12.5M
By Katherine Clarke | March 14, 2017 03:40PM

Yair Levy and Sixth 832 Avenue

Move over, Irving Berlin. Developer Yair Levy is expanding his dominion around Tin Pan Alley.

Peter Von Der Ahe and Joe Koicim

Levy acquired an approximately 5,000-square-foot low-rise building with 12,500 square feet of additional air rights at 832 Sixth Avenue for $12.5 million, or over $700 per buildable square foot, sources told The Real Deal. Sources added that Levy is also in contract to buy a smaller, adjacent building at 52 West 29th Street, which has an additional 14,000 square feet of air rights, for an undisclosed price.

An entity tied to Levy, who was banned for life from selling condos and co-ops in New York by the New York Attorney General in 2011, is also said to be the owner of a series of five four-story rowhouses at 45-55 West 28th Street between Broadway and Sixth Avenue– collectively known as Tin Pan Alley and famous for being a hub for singers and songwriters including Irving Berlin and Hy Zaret.

A spokesperson for Levy did not immediately respond to a request for comment.

The seller of the corner building on Sixth Avenue was Vlasios Georgousis, a private investor who’d owned it since the late 1970s, records show.

Peter Von Der Ahe, Joe Koicim, David Lloyd and Logan Markley of Marcus & Millichap brokered the deal, which closed at a notably low 1.6 percent cap.

Levy’s options for the property will be limited by the AG ban.