Bando Construction pays $33.5M to Sugar Hill for 4 UWS walkups

Bando Construction through the entity Bando Geny 4 LLC paid $33.5 million to Sugar Hill Capital Partners through the entity 471-476 Central Park West Property Owner, LLC for the 94-unit residential walkup building (C5) at 475 Central Park West, the 37-unit residential walkup building (C5) at 471 Central Park West, and the 15-unit residential walkup building (C4) at 472 Central Park West in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on April 1, 2026 and was recorded on April 8, 2026. The four properties have 61,875 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $542 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 Sugar Hill Capital Partners and Metis Equities was Margaret Grossman . The signatory for Bando Construction was John Choi . The contract date was November 25, 2025. In addition to the $33.5 million deed transfer, there was an additional entity level sale valued at $1.95 million from multifamily investor Metis Equities to Bando.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 475 Central Park West.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Bando Construction purchased three properties in two transactions for a total of $117 million and has no record it sold any properties over the past 24 months.
The seller Sugar Hill Capital Partners had not purchased any other properties and sold six properties in five transactions for a total of $18.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Scott Castellano, head officer and Danielle Acosta, site manager. The business entity is 471-476 Central Park West Property Owner, Llc. The four properties with a total of 61,875 square feet of built space generated revenue of $3.4 million per year or $54 per square foot. The sale price per square foot was $542.

The property

The residential walkup building with 94 residential units in Upper West Side has 61,875 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 72 feet and is 100 feet deep with a total lot size of 7,200 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.8 million. The property has 13 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 48 housing violations, $730 in OATH penalties, and two housing litigations 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 the tax block of 475 Central Park West, PincusCo has identified the owners of 21 of the 27 commercial properties representing 368,547 square feet of the 470,066 square feet. The largest owner is Sugar Hill Capital Partners, followed by Lincoln Star Housing Corportation and then Black Spruce Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 470,066 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Sugar Hill Capital Partners owned at least 74 commercial properties with 1,537 residential units in New York City with 1,435,495 square feet and a city-determined market value of $170.6 million. (Market value is typically about 50% of actual value.) The portfolio has $128.8 million in debt, with top three lenders as Signature Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 55 percent of the 1,435,495 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Bando Construction owned at least three commercial properties with 127 residential units in New York City with 153,940 square feet and a city-determined market value of $30.2 million. (Market value is typically about 50% of actual value.) The portfolio has $90.7 million in debt, borrowed from Hana Bank and Keb Hana Bank. Within the portfolio, the bulk, or 73 percent of the 153,940 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. They are all located in Manhattan.

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