Apex Investments pays $26.4M to Bayrock Capital for UWS homeless shelter following renovation

Apex Investments through the entity 74th St. Propco LLC paid $26.4 million to Bayrock Capital through the entity Uws Partners LLC for the specialty building (W7) at 160 West 74th Street in Upper West Side, Manhattan. Bayrock was developing a homeless shelter in the building, including adding additional floor space, Department of Buildings plans show.
The deal closed on October 28, 2025 and was recorded on November 6, 2025. The property has 16,937 square feet of built space and 3,473 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,557 and the price per buildable square foot is $1,291 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 June 30, 2023, for $14 million. The signatory for Bayrock Capital was Moshe Glassman . The signatory for Apex Investments was Kasra Sanandaji . The contract date was June 18, 2025.

A January 2024 letter from the City of New York laid out a proposed annual rent for a homeless shelter operator, “The New York City Department of Homeless Services has received a proposal from Volunteers of America – GNY to operate a shelter for single adults at 160 West 74th Street, New York , NY. As part of such negotiations, DHS has approved the rent at $2,531,275 for 146 beds with a 3% increase every three years.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Apex Investments had purchased any other properties and sold one property in one transaction for a total of $28 million over the past 24 months.
The seller Bayrock Capital purchased two properties in two transactions for a total of $99.1 million and had not sold any properties over the same time period.

The property

The specialty building in Upper West Side has 16,937 square feet of built space and 3,473 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 102 feet deep with a total lot size of 5,108 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $13.1 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 one DOB violation and $9,290 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, M00944282, for a 146-unit, 25,626 square-foot homeless shelter (J-1) building. The project was submitted by Shia Mendel and filed by Shia Mendel with plans filed October 17, 2023 and permitted May 22, 2024.

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 3.1 times the average sales volume among other neighborhoods with $918.3 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 26 of the 31 commercial properties representing 196,693 square feet of the 415,995 square feet. The largest owner is Antoinette Yanni, followed by Jeffrey Zwick & Associates Registered and then Nunzio Ruggiero.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 415,995 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Bayrock Capital owned at least 22 commercial properties with 480 residential units in New York City with 785,078 square feet and a city-determined market value of $176.2 million. (Market value is typically about 50% of actual value.) The portfolio has $396.2 million in debt, with top three lenders as Broadview Capital, Popular Bank, and M&T Bank respectively. Within the portfolio, the bulk, or 82 percent of the 785,078 square feet of built space are hotel properties, with walkup properties next occupying 8 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 6 percent of the space.

Direct link to Acris document. link