14-unit UWS rental sells for $9.8M

The entity 250 West 91st Realty LLC in care of the law firm Nesenoff & Miltenberg paid $9.8 million to Sonia Jaye through the entity Yucca Holding Corp. for the 14-unit residential elevator building (D7) at 250 West 91st Street in the Upper West Side, Manhattan.
The deal closed on June 27, 2023 and was recorded on June 30, 2023. The property has 30,833 square feet of built space and 27,569 square feet of additional air rights for a total buildable of 58,410 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $316 and the price per buildable square foot is $166 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 Sonia Jaye was Robert M. Pollack. The signatory for the buyer was the attorney Ira S. Nesenoff. The buyer is in care of the law firm Nesenoff & Miltenberg.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development include Sonia Jaye, head officer and Seth Weinstein, officer. The business entity is Yucca Holding Corp. The 30,833-square-foot property generated revenue of $1.8 million or $60 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 14 residential units in Upper West Side has 30,833 square feet of built space and 27,569 square feet of additional air rights for a total buildable of 58,410 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,841 square feet. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 46 housing violations, $1,430 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 32,615 square feet of the 336,784 square feet. The largest owner is Rachel Goldberg, followed by Li Zhang and then John Ackerman.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 336,784 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

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