Ablatos LLC pays $6.4M to Pine Management for 10-unit UWS rental

Ablatos LLC through the entity 4 West 90 Ablatos LLC paid $6.4 million to Pine Management for the 10-unit residential elevator building (D3) at 4 West 90th Street in Upper West Side, Manhattan.
The deal closed on March 20, 2024 and was recorded on March 27, 2024. The property has 7,754 square feet of built space and 11,357 square feet of additional air rights for a total buildable of 19,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $825 and the price per buildable square foot is $334 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 seller bought the property on December 23, 2020, for $1.7 million. The signatory for Pine Management was Jason Rohlman, Brenda E. Rohlman, and Lloyd J. Pine. The signatory for Ablatos LLC was Daniel Levinas. The contract date was March 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer had purchased one other property for $6.3 million and has no record it sold any properties over the past 24 months.
The seller Pine Management 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 Thomas Rohlman, head officer and Brenda Rohlman, officer. The business entity is Park Crest Llc.

The property

The residential elevator building with 10 residential units in Upper West Side has 7,754 square feet of built space and 11,357 square feet of additional air rights for a total buildable of 19,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,912 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 Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $1.9 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 $2,500 in ECB penalties and $2,780 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 21 of the 34 commercial properties representing 309,708 square feet of the 406,486 square feet. The largest owner is Wei Dai, followed by James Uehling and then Alan Tauber.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 406,486 square feet of built space are walkup buildings, with elevator buildings next occupying 50 percent of the space.

The seller

The PincusCo database currently indicates that Pine Management owned at least 30 commercial properties with 655 residential units in New York City with 417,432 square feet and a city-determined market value of $109.6 million. (Market value is typically about 50% of actual value.) The portfolio has $33.3 million in debt, with top three lenders as New York Community Bank, Webster Bank, and Sterling National Bank respectively. Within the portfolio, the bulk, or 69 percent of the 417,432 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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