ABS Partners Real Estate files to demolish UWS rental

ABS Partners Real Estate filed plans to demolish the rental building at 2560 Broadway on the Upper West Side of Manhattan. There are no new development buildings plans for the parcel in the Department of Buildings. Randy Modell, a partners with ABS Real Estate, submitted the plans under job number M00852737.
The project is described as: full demolition of seven-story structure, using hand held and mechanical means to assist on grade.

The property

The elevator building with 27 residential units in Upper West Side has 53,305 square feet of built space and 40,706 square feet of additional air rights for a total buildable of 94,010 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 86 feet deep with a total lot size of 9,401 square feet. The lot is irregular. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $20.3 million.

Prior sales and revenue

The 53,305-square-foot property generated revenue of $3.4 million or $63 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $1,080 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has the 7th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Upper West Side has near average amount of major developments among other neighborhoods and is the 10th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 250,062 square feet of the 303,367 square feet. The largest owner is Aya Acquisitions, followed by Dalan Management and then Fortune Society. There are no active new building construction projects on this tax block.

The owner

The owners according to the Department of Housing Preservation and Development includes Randy Modell, head officer and Joseph Leone, agent. The business entities are Abs Partners Real Estate and Abs2560, Llc.

The surrounding

Within a 400-foot radius of 2566 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit issued on June 16, 2022 for a 124,591-square-foot residential (R-2) building with 171 residential units at 270 West 96th Street. Of those four items, three were loans above $5 million totaling $22.2 million. The most recent of the three was Othon Mourkakos in which borrowed $9.5 million from Alma Bank secured by the 8,690-square-foot, two-unit mixed-use building (K4) on 209 West 96th Street on November 18, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.