Aurec, Golden Arc pay $4.6M to Roman Catholic Church for townhouse in Lincoln Square

Aurec Capital and Golden Arc through the entity Dmc Gc Property L.P. paid $4.6 million to the Roman Catholic Church of the Blessed Sacrament for the townhouse building (M4) at 133 West 70th Street in Lincoln Square, Manhattan.
The deal closed on July 10, 2024 and was recorded on July 22, 2024. The property 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 sale price per built square foot is $719 and the price per buildable square foot is $575 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 Roman Catholic Church and Church of the Blessed Sacrament was David Nolan and Paul A. Michels. The signatory for Aurec Capital and Golden Arc was Yonit Tzadok. The contract date was December 20, 2023.

PincusCo reported on the transaction when it went into contract.

The brokers were Hal Oster and Paul Smadbeck of JLL. 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.”

Aurec Capital is a family office for the Khan and Meitar families, which founded the multifamily investment firm Aurec Group in the late 1960s, according to the company website.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aurec Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roman Catholic Church had not purchased any other properties and sold 27 properties in 20 transactions for a total of $192.7 million over the same time period.

The property

The specialty building 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.

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 neighborhood

In Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has 2.4 times the average sales volume among other neighborhoods with $637.4 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Lincoln Square has 1.6 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 20 commercial properties representing 319,159 square feet of the 433,335 square feet. The largest owner is David Kadosh, followed by Brodsky Organization and then American Musical And Dramatic Academy.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 433,335 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Roman Catholic Church owned at least 146 commercial properties with 886 residential units in New York City with 4,220,236 square feet and a city-determined market value of $748.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 4,220,236 square feet of built space are specialty properties, with M1 properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Queens next at 26 percent of the space.

The buyer

The PincusCo database currently indicates that Golden Arc owned at least three commercial properties with 26 residential units in New York City with 18,142 square feet and a city-determined market value of $11.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.2 million in debt, borrowed from Israel Discount Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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