Angelo Gordon, Premier Equities pay $27M to Zucker Organization for retail in Upper West Side

Angelo Gordon and Premier Equities through the entity Ag-Premier 2250 Broadway Owner, L.L.C. paid $27 million to Zucker Organization through the entity Owl, LLC for retail condo at 2250 Broadway in Upper West Side, Manhattan.
The deal closed on September 22, 2022 and was recorded on October 4, 2022. The property has 34,353 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $785 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 signatory for Zucker Organization was Donald Zucker. The signatory for Angelo Gordon and Premier Equities was Doug Profenius.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Angelo Gordon purchased one properties in one transactions for a total of $35 million and has no record it sold any properties over the past 24 months.
The seller Zucker Organization had not purchased any other properties and sold three properties in one transactions for a total of $16.2 million over the same time period.

The property

The 2250 Broadway parcel has a total lot size of 34,353 square feet. The city-designated market value for the property in 2022 is $12.4 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 not received any significant violations 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 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 5th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Upper West Side has 2.4 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 2.4 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 this tax block, PincusCo has identified the owners of 10 of the 23 commercial properties representing 472,609 square feet of the 775,280 square feet. The largest owner is Zucker Organization, followed by Pine Management and then Weinreb Management.
On the tax block, there was one new building construction project filed totaling 95,137 square feet. It is a 28-unit, 95,137-square-foot R-2 building developed by Kenneth Horn with plans filed April 12, 2016 and permitted May 22, 2017.

The majority, or 73 percent of the 642,377 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Zucker Organization owned at least 28 commercial properties in New York City with 2,197,147 square feet and a city-determined market value of $622.4 million. (Market value is typically about 50% of actual value.) The portfolio has $125.7 million in debt, borrowed from State Farm Realty Mortgage and PCCP. Within the portfolio, the bulk, or 92 percent of the 2,197,147 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Premier Equities owned at least 25 commercial properties in New York City with 205,629 square feet and a city-determined market value of $100.2 million. (Market value is typically about 50% of actual value.) The portfolio has $132.3 million in debt, with top three lenders as Acadia Realty Trust, Signature Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 51 percent of the 205,629 square feet of built space are retail properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.
The PincusCo database currently indicates that Angelo Gordon owned at least six commercial properties in New York City with 773,842 square feet and a city-determined market value of $190.7 million. (Market value is typically about 50% of actual value.) The portfolio has $78.2 million in debt, with top three lenders as Ladder Capital, Metropolitan Commercial Bank, and Sterling National Bank respectively. Within the portfolio, the bulk, or 81 percent of the 773,842 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Bronx next at 16 percent of the space.

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