Aya Acquisitions pays $50.8M for 95-unit rental in Upper West Side

Amir Shriki’s Aya Acquisitions through the entity Targam NY LLC paid $50.8 million to Anne M. Fried and Penny Resnick Graulich through the entity Wolk Properties, LLC for the 95-unit residential elevator building (D6) at 740 West End Avenue in Upper West Side, Manhattan.
The deal closed on June 30, 2022 and was recorded on July 13, 2022. The property has 135,463 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $374 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 Anne M. Fried and Penny Resnick Graulich was Anne Fried. The signatory for Aya and Aya Acquisitions was Amir Shriki. The sellers were families that owned the building for multiple generations, The Real Deal reported. Penny Resnick Graulich is the daughter of Irwin Resnick.  Anne Fried obtained ownership following the death of Morris Sherr. Aya operates a coliving company, using this website and Shriki also operates Aya Acquisitions, with this website.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Aya purchased 10 properties in eight transactions for a total of $66.8 million and has no record it sold any properties over the past 24 months.
The seller Anne M. Fried had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anne Fried, head officer and Penny Resnick Graulich, officer. The business entity is Wolk Properties Llc. The 135,463-square-foot property generated revenue of $3.5 million or $26 per square foot, according to the most recent income and expense figures.

The property

The 740 West End Avenue parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 12,615 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $14.9 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

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 71 percent of the 92.7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Upper West Side has 2.1 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 217,823 square feet of the 541,983 square feet. The two identified owners are Stellar Management and Fortune Society. There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 331,082 square feet of built space are residential elevator buildings, with specialty buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Aya owned at least 10 commercial properties in New York City with 113,313 square feet and a city-determined market value of $38.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 113,313 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. They are all located in Manhattan.

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