A residential building formerly branded as Trump Place has sold for $265.6 million, public records show.
A&E Real Estate Holdings, through the entity 140 Riverside Boulevard, LLC bought 140 Riverside Boulevard, a 354-unit residential elevator building, from Equity Residential, through the entity Eqr-140 Riverside, LLC.
The deal closed on April 7, 2022 and was recorded on April 15, 2022.
Cydney White was the signatory for Equity Residential. Darryl Smith signed for A&E Real Estate.
Bloomberg first reported the sale and that Darcy Stacom and Ryan Silber of CBRE represented the seller.
The property has 367,786 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $722 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 in November, for $199.8 million.
A&E Real Estate also recently purchased a 1056-unit complex in Holliswood for $130 million from Benjamin Companies.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Jim Von Albade, head officer and Tatiana Bond, officer. The business entities are Equity Residential Management Llc and Eqr-140 Riverside. Llc. The 367,786-square-foot property generated revenue of $16.7 million or $46 per square foot, according to the most recent income and expense figures.
The 140 Riverside Boulevard parcel has frontage of 187 feet and is 167 feet deep with a total lot size of 30,462 square feet. The lot is irregular. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2005 and expires in 2025. The city-designated market value for the property in 2022 is $91.5 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 received four DOB violations and $2,270 in OATH penalties in the last year.
In Lincoln Square, the majority, or 67 percent of the 30.8 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $255.9 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Lincoln Square has had very little major development activity relative to other neighborhoods.It had 312,706 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of 14 of the 72 commercial properties representing 3,243,400 square feet of the 6,508,327 square feet. The largest owner is Equity Residential, followed by GID Real Estate Investments and then Dermot Company.
The majority, or 87 percent of the 4.4 million square feet of built space are residential elevator buildings, with office buildings next occupying 9 percent of the space.
Within a 400-foot radius of 140 Riverside Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $36.9 million. The most recent of the two was 165 West End Avenue cooperative which borrowed $20 million from Apple Bank for Savings secured by one condo unit in the 421,100-square-foot, 410-unit mixed-use building (RM) on 165 West End Avenue on August 12, 2021.
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