The Bard College benefactor Iris Foundation through the entity 8 West 86th Street LLC paid $8.8 million to Rachel Mead Zweighaft through the entity Hasda Realty Corp. for the four-unit mixed-use building (S4) at 8 West 86th Street in Upper West Side, Manhattan.
The deal closed on June 28, 2023 and was recorded on June 30, 2023. The property has 6,932 square feet of built space and 18,618 square feet of additional air rights for a total buildable of 25,540 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,262 and the price per buildable square foot is $342 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 Rachel Mead Zweighaft was Rachel Mead Zweighaft. The signatory for Iris Foundation was Julian M. Wise. The Iris Foundation provides funding to the Bard Center for Decorative Arts, which is based in 18 West 86th Street, four buildings to the west.”The Iris Foundation Awards are presented annually to patrons, scholars, and professionals who have made outstanding contributions to the study and appreciation of the decorative arts.”
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Iris Foundation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rachel Mead Zweighaft had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Rachel Zweighaft, head officer. The business entity is Hasda Realty Corp.
The mixed-use building with 4 residential units in Upper West Side has 6,932 square feet of built space and 18,618 square feet of additional air rights for a total buildable of 25,540 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $4.5 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 received four housing violations and $150 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has the 7th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Upper West Side has 2.8 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of 21 of the 36 commercial properties representing 527,246 square feet of the 681,690 square feet. The largest owner is Seth Haberman, followed by Rudin Management and then Philip Roitman.
There are no active new building construction projects on this tax block.
The majority, or 71 percent of the 681,690 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.
Direct link to Acris document. link