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

Developer buys corner site for $12.5M

TRD New York /
Mar.March 14, 2017 03:40 PM

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

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.


Related Articles

arrow_forward_ios
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...