Anbau pays $5.8M to Lockhill Properties for majority interest two UWS retail condo units
Anbau, Inc. through the entity 1711 Retail, LLC paid $5.8 million to Lockhill Properties’ Acme Holdings LLC for two retail condos at 207 West 79th Street in the Upper West Side, Manhattan. This is Anbau buying an 82 percent stake in the retail. Anbau was the developer of the condo building.
The deal closed on March 22, 2023 and was recorded on April 3, 2023. The two properties have 5,817 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,004 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 property
The parcel has a total lot size of 5,817 square feet. The city-designated market value for the property in 2022 is $2.9 million.
PincusCo cannot determine the lot area of the 207 West 79th Street parcel at this time.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 207 WEST 79TH STREET LLC to create 19 residential units and 1 commercial units in a building at 207 West 79th Street in Upper West Side, Manhattan, called 207 West 79th Street Condominium that has a $139.3 million sellout, according to an December 29, 2015 submission to the New York State Attorney General. The principal of the sponsor, 207 WEST 79TH STREET LLC, was Stephen Glascock.
The neighborhood
In Upper West Side, The majority, or 59 percent of the 53 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 $2.2 billion in sales volume in the last two years. For development, Upper West Side has 2.8 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On the tax block of 207 West 79th Street, PincusCo has identified the owners of four of the 28 commercial properties representing 24,625 square feet of the 567,118 square feet. The largest owner is Michael C. Waters, followed by Novel Property Ventures and then William Harra.
On the tax block, there was one new building construction project filed totaling 122,323 square feet. It is a 72-unit, 122,323 square-foot residential (R-2) building submitted by William Friedland with plans filed August 5, 2014 and permitted April 13, 2016.
The majority, or 38 percent of the 561,282 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.
Direct link to Acris document. link