Aperture Foundation pays $8.9M to GTIS Partners for retail condo in Upper West Side

Aperture Foundation through the entity Aperture Foundation, Inc. paid $8.9 million to GTIS Partners through the entity 101 West 78th LLC for a retail condo at the residential condo building at 101 West 78th Street in Upper West Side, Manhattan.
The deal closed on September 15, 2022 and was recorded on September 23, 2022. The property has 10,817 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $827 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 GTIS Partners was Robert Vahradian. The signatory for Aperture Foundation was Sarah Meister. This is the commercial condo unit in a residential condo development.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Aperture Foundation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller GTIS Partners had not purchased any other properties and had not sold any properties over the same time period.

The property

The 101 West 78th Street parcel has a total lot size of 10,817 square feet. The city-designated market value for the property in 2022 is $7 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

For the tax lot building, it received its initial certificate of occupancy on November 16, 2017. 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 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Upper West Side has 2.5 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 six of the 21 commercial properties representing 237,365 square feet of the 429,491 square feet. The largest owner is Richard Eisenberg, followed by Andrea Binder and then Elliot Sohayegh.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 408,097 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

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