Aurec Capital affiliate signs $4.6M contract for residential in Lincoln Square

An affiliate of Aurec Capital and Golden Arc, SM Holdings 2021 LLC, signed a $4.6 million contract to buy the six-story residential building at 133 West 70th Street in Lincoln Square, Manhattan, from the Roman Catholic Church of the Blessed Sacrament.
The contract, dated December 20, 2023, was disclosed yesterday in a court filing that is a required process when a nonprofit or religious organization wants to sell a significant asset.
Case LINK
The property at 133 West 70th Street in Lincoln Square has 6,396 square feet of built space and 1,600 square feet of additional air rights for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 2,000 square feet. 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 $2.4 million.

The brokers are Hal Oster and Paul Smadbeck of JLL. 133 West 70th Street setup pdf

The buyer is an affiliate of Aurec Capital and Golden Arc, with offices in Israel the United States and elsewhere.

According to the listing the building has no rent regulation and is an approximately 20-foot-wide “6-story elevatored former convent located on the north side of West 70th Street between Broadway and Columbus Avenue. The property is approximately 8,045 square feet above grade and will be delivered vacant at closing.”

The block

On this tax block, PincusCo has identified the owners of two of the 20 commercial properties representing 243,846 square feet of the 433,335 square feet. The two identified owners are Brodsky Organization and David Kadosh. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 133 West 70th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which David Edelstein borrowed $7.1 million from JPMorgan Chase secured by the 30,712-square-foot, 36-unit rental (D3) on 133 West 71st Street on May 9, 2022.

Direct link to the property’s ACRIS page.