Ayhan Sav pays $5M for 10-unit walkup in Upper West Side

Ayhan Sav through the entity 44 Country Associates Ltd. paid $5 million to Aarin Spiegelman through the entity 56 W. 85th Associates, LLC for the 10-unit residential walkup building (C5) at 56 W 85th St in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on August 19, 2025 and was recorded on August 21, 2025. The property has 6,195 square feet of built space and 1,981 square feet of additional air rights for a total buildable of 8,172 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $807 and the price per buildable square foot is $611 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 Aarin Spiegelman was Aarin Spiegelman. The signatory for Ayhan Sav was Ayhan Sav. The contract date was May 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ayhan Sav had purchased any other properties and sold one property in one transaction for a total of $5 million over the past 24 months.
The seller Aarin Spiegelman 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 Lisa Szer, head officer and Aarin Spiegelman, officer. The business entity is 56 W 85th St Assoc., Llc.

The property

The residential walkup building with 10 residential units in Upper West Side has 6,195 square feet of built space and 1,981 square feet of additional air rights for a total buildable of 8,172 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 102 feet deep with a total lot size of 2,043 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 $3.7 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 21 of the 37 commercial properties representing 415,909 square feet of the 555,189 square feet. The largest owner is Rudin Management, followed by Alan Tauber and then Russell Harkavy.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 555,189 square feet of built space are elevator buildings, with walkup buildings next occupying 48 percent of the space.

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