Aurec Capital pays $8.9M for residential elevator in Lincoln Square

Aurec Capital through the entity DMC Gc Property, L.P. paid $8.9 million to Thijs Menger through the entity Franpearl Equities Corp. for the 15-unit residential elevator building (D1) at 12-14 West 68th Street in Lincoln Square, Manhattan. The expected use is cash flowing.
The deal closed on October 31, 2025 and was recorded on November 3, 2025. The property has 13,380 square feet of built space and 19,882 square feet of additional air rights for a total buildable of 33,248 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $668 and the price per buildable square foot is $269 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 March 12, 2009, for $10.6 million. The signatory for Thijs Menger was Thijs Menger. The signatory for Aurec Capital was Saar Avnery and Yonit Tzadok . The contract date was September 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aurec Capital purchased two properties in two transactions for a total of $57.1 million and has no record it sold any properties over the past 24 months.
The seller Thijs Menger had not purchased any other properties and had not sold any properties over the same time period. The 13,380-square-foot property generated revenue of $806,681 or $60 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 15 residential units in Lincoln Square has 13,380 square feet of built space and 19,882 square feet of additional air rights for a total buildable of 33,248 square feet according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 5,523 square feet. The zoning is R8 which allows for up to 6.02 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 $4.6 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 107,125 square feet of the 159,337 square feet. The largest owner is Caiola Family, followed by Cognita Schools and then Sinv Spa.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 159,337 square feet of built space are elevator buildings, with specialty buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Thijs Menger owned at least one commercial property with 14 residential units in New York City with 7,380 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Aurec Capital owned at least two commercial properties with 105 residential units in New York City with 101,634 square feet and a city-determined market value of $22.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 101,634 square feet of built space are elevator properties, with M4 properties next occupying 6 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Manhattan next at 6 percent of the space.

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