Aetna Realty pays $26.4M to Pantzer Properties for 54-unit UWS rental, down from $35.7M in 2013

Aetna Realty through the entity Aetna Realty Company paid $26.4 million to Pantzer Properties through the entity 370 Columbus Investors LLC for 54-unit residential elevator building (D7) at 370 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on October 14, 2022 and was recorded on October 25, 2022. The property has 31,125 square feet of built space and 30,025 square feet of additional air rights for a total buildable of 61,190 square feet according to PincusCo analysis of city data. The sale price per built square foot is $848 and the price per buildable square foot is $431 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 9, 2013, for $35.75 million. The signatory for Pantzer Properties was Jason M. Pantzer. The signatory for Aetna Realty was Ben Braka.

The purchase was financed with a $5.4 million loan from Centurian Capital LLC.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Aetna Realty purchased four properties in two transactions for a total of $13 million and has no record it sold any properties over the past 24 months.
The seller Pantzer Properties 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 Jordan Pantzer, head officer and Jason Pantzer, officer. The business entities are Pantzer Properties, Inc. and 370 Columbus Investors Llc. The 31,125-square-foot property generated revenue of $1.5 million or $49 per square foot, according to the most recent income and expense figures.

The property

The 370 Columbus Avenue parcel has frontage of 78 feet and is 103 feet deep with a total lot size of 8,137 square feet. The lot is irregular. The zoning is C1-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times 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 $7.3 million.The most recent loan totaled $22 million and was provided by MetLife on October 30, 2020.

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 two DOB violations, $1,250 in ECB penalties, 19 housing violations, $1,300 in OATH penalties, and one housing litigation 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 seven of the 17 commercial properties representing 178,540 square feet of the 225,669 square feet. The largest owner is City of New York, followed by Brusco Group and then Pantzer Properties.
there are no active new building construction projects on this tax block.

the majority, or 42 percent of the 224,074 square feet of built space are walkup buildings, with specialty buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Pantzer Properties owned at least one commercial property in New York City with 31,125 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, borrowed from MetLife. The portfolio consists of at least a single elevator property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Aetna Realty owned at least three commercial properties in New York City with 23,625 square feet and a city-determined market value of $8.9 million. (Market value is typically about 50% of actual value.) The portfolio has $6.3 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 44 percent of the 23,625 square feet of built space are walkup properties, with mixed-use properties next occupying 36 percent of the space. They are all located in Manhattan.

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