$37M note sale for 100-unit UWS rental

The entity 175 West 76th Street LLC bought a note with an original principal of $37 million from PIMCO secured by Lichter & Lichter’s 100-unit residential elevator building (D6) at 341 Amsterdam Avenue in Upper West Side, Manhattan. The note buyer is at the address and floor of InterVest Capital Partners, which is the investment fund formerly known as Wafra Capital Partners.
The deal closed on May 15, 2024 and was recorded on May 23, 2024. The prior lender was PIMCO which held debt that had an original loan amount of $37 million.

The property has 125,040 square feet of built space according to a PincusCo analysis of city data.
Abraham Schwartz is a corporate officer of Lichter entities.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Judah Schwartz, head officer and Fidel Colonio, site manager. The business entity is Lichter Real Estate Number One LLC.

The property

The residential elevator building with 100 residential units in Upper West Side has 125,040 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 100 feet deep with a total lot size of 10,215 square feet. The zoning is C2-7A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $18.6 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 one DOB violation, nine housing violations, one housing violation, and $1,480 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 18 commercial properties representing 346,601 square feet of the 385,350 square feet. The largest owner is Sackman Enterprises, followed by Russell Harkavy and then Lichter & Lichter, LP.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 385,350 square feet of built space are specialty buildings, with elevator buildings next occupying 32 percent of the space.

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