47-unit UWS rental sells for $11M

The entity 945 WEA Freeport LLC paid $11 million to Irene Bogoni and Paul Bogoni through the entity B-U Realty Corp. for the 47-unit residential elevator building (D3) at 945 West End Avenue in Upper West Side, Manhattan.
The deal closed on June 26, 2024 and was recorded on July 8, 2024. The property has 75,524 square feet of built space and 1,228 square feet of additional air rights for a total buildable of 76,760 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $145 and the price per buildable square foot is $143 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 Irene Bogoni and Paul Bogoni was Irene Bogoni. The signatory for the buyer was Charles Przekop. The contract date was April 9, 2024. It’s unclear who the buyer is. There are two buyer parties, and one is at an address used by a principal of Griffon Ventures.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Griffon Ventures purchased seven properties in five transactions for a total of $20.8 million and has no record it sold any properties over the past 24 months.
The seller Irene Bogoni 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 Irene Bogoni, head officer and Paul Bogoni, officer. The business entity is Biju Realty Co D/B/A B-U Realty Corp.

The property

The residential elevator building with 47 residential units in Upper West Side has 75,524 square feet of built space and 1,228 square feet of additional air rights for a total buildable of 76,760 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,676 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $7.5 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 three DOB violations, $13,960 in ECB penalties, 57 housing violations, and $14,010 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 5, 2018. 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 11 of the 25 commercial properties representing 255,623 square feet of the 386,119 square feet. The largest owner is Triarch Real Estate Group, followed by Trevive Global and then Paul Bogoni.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 386,119 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Irene Bogoni owned at least one commercial property with 47 residential units in New York City with 75,524 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.
The PincusCo database currently indicates that Paul Bogoni owned at least one commercial property with 47 residential units in New York City with 75,524 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Griffon Ventures owned at least eight commercial properties with 200 residential units in New York City with 174,799 square feet and a city-determined market value of $12.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from Ridgewood Savings Bank. Within the portfolio, the bulk, or 100 percent of the 174,799 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. The bulk, or 75 percent of the built space, is in Bronx, with Manhattan next at 25 percent of the space.

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