5-unit walkup in Lincoln Square sells for $5.7M

Buyers paid $5.7 million for a five-unit residential walkup building (C5) at 51 West 71st Street in Lincoln Square, Manhattan.
The deal closed on March 25, 2025 and was recorded on March 27, 2025. The property has 5,400 square feet of built space and 1,949 square feet of additional air rights for a total buildable of 7,356 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,046 and the price per buildable square foot is $768 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 signatories for the sellers were Frederick Kleinbub and Angelina Kraemer Kleinbub. The signatories for the buyers were Mohammed Javed and Samar Khan. The contract date was February 7, 2025.
The brokerage Leslie J. Garfield & Co. was marketing the property.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mohammed Javed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frederick Kleinbub 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 Jerry Edelman, head officer and Fred Kleinbub, officer. The 5,400-square-foot property generated revenue of $253,584 or $47 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Lincoln Square has 5,400 square feet of built space and 1,949 square feet of additional air rights for a total buildable of 7,356 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 102 feet deep with a total lot size of 1,839 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $3.4 million. The property has 4 rent regulated units according to city tax records from 2020.

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 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 seven of the 18 commercial properties representing 206,465 square feet of the 362,878 square feet. The largest owner is Tracey Franklin, followed by Aharon Vaknin and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 362,878 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

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