10-unit UWS walkup sells for $6.1M

The entity 323 West 89 Ablatos LLC paid $6.1 million to Cynthia Arlia and Luigi Arlia through the entity 323 West 89th Street, L.L.C. for the 10-unit residential walkup building (C1) at 323 West 89th Street in Upper West Side, Manhattan.
The deal closed on March 13, 2023 and was recorded on March 16, 2023. The property has 7,120 square feet of built space and 2,915 square feet of additional air rights for a total buildable of 10,029 square feet according to PincusCo analysis of city data. The sale price per built square foot is $853 and the price per buildable square foot is $605 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 signatory for Cynthia Arlia and Luigi Arlia was Cynthia Arlia and Luigi Arlia.

Prior sales and revenue

The seller Cynthia Arlia 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 Luigi Arlia, head officer and Cynthia Arlia, officer. The business entity is 323 West 89th Street, L.L.C.

The property

The 323 West 89th Street parcel has frontage of 22 feet and is 75 feet deep with a total lot size of 1,666 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $2.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the 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 block

On this tax block, PincusCo has identified the owners of 17 of the 34 commercial properties representing 317,386 square feet of the 429,293 square feet. The largest owner is Shirley Fong, followed by Sanford Brand and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 429,293 square feet of built space are walkup buildings, with elevator buildings next occupying 49 percent of the space.

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