5-unit walkup in Upper West Side sells for $4.4M
65 West 83rd Street (Credit - Google)
Alex Lein through the entity Pebble Lane Group LLC paid $4.4 million to Karl Slovin through the entity 65 West 83rd Street LLC for the five-unit residential walkup building (C2) at 65 West 83rd Street in the Upper West Side, Manhattan.
The deal closed on August 4, 2022 and was recorded on August 15, 2022. The property has 5,070 square feet of built space and 1,737 square feet of additional air rights for a total buildable of 6,812 square feet according to PincusCo analysis of city data. The sale price per built square foot is $872 and the price per buildable square foot is $649 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.)
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Piet Quackenbush, head officer and Karl Slovin, officer. The business entities are Lisa Management, Inc. and 65 West 83rd Street Llc.
The property
The 65 West 83rd Street parcel has frontage of 16 feet and is 102 feet deep with a total lot size of 1,703 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 $3.1 million.
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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 not received any significant violations 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 three of the 19 commercial properties representing 67,307 square feet of the 198,450 square feet. The two identified owners are Brusco Group and Sharon Spiegel.
There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 198,450 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.
Surrounding
PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 65 West 83rd Street that occurred over the past 24 months.
Direct link to Acris document. link