Anonymous buyer pays $6.2M for 8-unit walkup in Upper West Side

The entity 200 W 96 LLC registered with the law firm Breuer Herskowitz paid $6.2 million to Bruce Haley through the entity 200 West 96th St., LLC for the eight-unit residential walkup building (C7) at 734 Amsterdam Avenue, also known as 200 West 96th Street in the Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on November 22, 2024 and was recorded on December 3, 2024. The property has 10,570 square feet of built space and 6,782 square feet of additional air rights for a total buildable of 17,348 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $586 and the price per buildable square foot is $357 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 Bruce Haley was Bruce Haley. The signatory for the buyer was Jason Herzkowitz. The contract date was July 9, 2024. Herskowitz is an attorney. A CBRE team including Robert Shapiro was marketing the property for sale.
The adjacent property at 732 Amsterdam is owned by real estate investor Bradford S. Barr of BNS Development. BNS founder Bradford Swett bought 730-732 Amsterdam in April 1971.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Breuer Herskowitz registered purchased three properties in three transactions for a total of $90.5 million and has no record it sold any properties over the past 24 months.
The seller Bruce Haley had not purchased any other properties and sold three properties in two transactions for a total of $16.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bruce Haley, head officer and Laurence Ciupak, agent. The business entities are Tri-Hill Management Llc and 200 West 96th Street Llc.

The property

The residential walkup building with 8 residential units in Upper West Side has 10,570 square feet of built space and 6,782 square feet of additional air rights for a total buildable of 17,348 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 89 feet deep with a total lot size of 2,307 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million.

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 received five housing violations and $325 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 176,872 square feet of the 496,030 square feet. The largest owner is Time Equities, followed by Hubb Nyc and then Schreiber Properties.
On the tax block, there were two new building construction projects totaling 356,881 square feet. The largest is a 130-unit, 232,290 square-foot residential (R-2) building submitted by JVP Management and filed by John Illuzzi with plans filed January 27, 2020 and permitted June 8, 2020. The second largest is a 171-unit, 124,591 square-foot residential (R-2) building submitted by Fetner Properties and filed by Hal Fetner with plans filed March 16, 2021 and permitted June 16, 2022.

The majority, or 76 percent of the 496,030 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Breuer Herskowitz registered entities owned at least three commercial properties with 28 residential units in New York City with 231,363 square feet and a city-determined market value of $52.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 231,363 square feet of built space are hotel properties, with walkup properties next occupying 5 percent of the space. They are all located in Manhattan.

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