8-unit UWS walkup sells for $5.8M to anonymous buyer

The entity 43 West 75th NY NY LLC with anonymous ownership, paid $5.8 million to Jacques Ohayon through the entity 43 West 75th Street LLC for the eight-unit residential walkup building (C5) at 43 West 75th Street in the Upper West Side, Manhattan.
The deal closed on January 10, 2023 and was recorded on January 13, 2023. The property has 8,250 square feet of built space and 741 square feet of additional air rights for a total buildable of 8,992 square feet according to PincusCo analysis of city data. The sale price per built square foot is $703 and the price per buildable square foot is $645 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 Jacques Ohayon was Jacques Ohayon. Jacques Ohayon sold the property subject to three life estate leases with Pauline Sklar, Josh Ohayon and Bari Erber. A listing from 2016 put the asking price at the time at $12.25 million. A listing on Loopnet dated 2018 said it has six units.

Prior sales and revenue

The seller Jacques Ohayon had not purchased any other properties and had not sold any properties over the past two years. The former owners according to the Department of Housing Preservation and Development includes David Ohayon, head officer and Acacio Vasquez, site manager. The business entities are Marbrose Realty and 43 West 75 Streeet LLC.

The property

The 43 West 75th Street parcel has frontage of 22 feet and is 102 feet deep with a total lot size of 2,248 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 $5.8 million.

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 20 of the 35 commercial properties representing 214,200 square feet of the 489,245 square feet. The largest owner is Stefani Dana-Langel, followed by Olshan Properties and then Monique Dana.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 489,245 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

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