Benchmark pays $42M to Heller Realty for 90-unit UWS rental

Benchmark Real Estate Group through the entity Benchmark 698 LLC paid $42 million to Heller Realty through the entity 698 D Realty LLC for the 90-unit residential elevator building (D3) at 698 West End Avenue in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on May 11, 2026 and was recorded on May 19, 2026. The property has 91,494 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $459 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 Heller Realty was Steven Stein. The signatory for Benchmark Real Estate Group was Jordan Vogel . The contract date was April 1, 2026.

Benchmark financed the purchase with a $21.87 million loan from Flagstar Bank. The signatory for Flagstar Bank was Abraham Kaidanian .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Benchmark Real Estate Group purchased one property in one transaction for a total of $66 million and sold four properties in four transactions for a total of $94.8 million over the past 24 months.
The seller Heller Realty had not purchased any other properties and sold one property in one transaction for a total of $66 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Felice, head officer and Kevin Padgett, site manager. The business entity is 698 D Realty Llc. The 91,494-square-foot property generated revenue of $3.5 million or $38 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 90 residential units in Upper West Side has 91,494 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 7,350 square feet. The lot is irregular. 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. The city-designated market value for the property in 2022 is $15.9 million. The property has 30 rent regulated units according to city tax records from 2024.

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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 29, 2019. 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 five of the 12 commercial properties representing 476,393 square feet of the 656,070 square feet. The largest owner is New York City Housing Authority, followed by Empire Management and then Heller Realty.
On the tax block, there was one new building construction project filed totaling 90,596 square feet. It is a 44-unit, 90,596 square-foot residential (R-2) building submitted by Adam America Real Estate and filed by Tomer Yogev with plans filed November 27, 2018 and permitted October 2, 2019.

The majority, or 82 percent of the 656,070 square feet of built space are elevator buildings, with hotel buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Heller Realty owned at least seven commercial properties with 260 residential units in New York City with 252,546 square feet and a PincusCo-determined asset value of $95.7 million. The portfolio has $14.7 million in debt, borrowed from Santander Bank. Within the portfolio, the bulk, or 86 percent of the 252,546 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least nine commercial properties with 433 residential units in New York City with 320,131 square feet and a PincusCo-determined asset value of $222.4 million. The portfolio has $102.5 million in debt, with top three lenders as Flagstar Bank, Signature Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 84 percent of the 320,131 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space.

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