Aleksandr Finkelshteyn pays $8.5M for retail in Upper West Side

Aleksandr Finkelshteyn through the entity 2160 Broadway LLC paid $8.5 million to Sharon Gustafson through the entity Ashley 2160, LLC for the retail building (K7) at 2160 Broadway in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on December 9, 2024 and was recorded on December 10, 2024. The property has 8,820 square feet of built space and 13,282 square feet of additional air rights for a total buildable of 22,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $963 and the price per buildable square foot is $384 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 January 1, 2009, for $48 million. The signatory for Sharon Gustafson was Andrew J. Pal. The signatory for Aleksandr Finkelshteyn was Aleksandr Finkelshteyn. The contract date was October 17, 2024. Sharon L. Gustafson-Florescue is the widow of Barry Florescue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aleksandr Finkelshteyn had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sharon Gustafson had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Upper West Side has 8,820 square feet of built space and 13,282 square feet of additional air rights for a total buildable of 22,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 83 feet deep with a total lot size of 2,210 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 $8.2 million. The most recent loan totaled $11 million and was provided by CUNA Mutual Group on February 19, 2020.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 3, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 3.9 times the average sales volume among other neighborhoods with $986.3 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Upper West Side has 3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.2 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 13 of the 19 commercial properties representing 368,126 square feet of the 562,036 square feet. The largest owner is Ashkenazy Acquisition, followed by Triumph Real Estate Management and then Lawrence Zombek.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 562,036 square feet of built space are hotel buildings, with elevator buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Aleksandr Finkelshteyn owned at least eight commercial properties with 12 residential units in New York City with 109,846 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) The portfolio has $21.6 million in debt, with top three lenders as Citibank, Columbia Capital, and Dime Community Bank respectively. Within the portfolio, the bulk, or 65 percent of the 109,846 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

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