Brusco Realty pays $3.3M for 10-unit walkup in Upper West Side

Brusco Realty through the entity 146 West 73rd Realty LLC paid $3.3 million to Michael Pellegrino estate for the 10-unit residential walkup building (C5) at 146 West 73rd Street in the Upper West Side, Manhattan.
The deal closed on September 28, 2023 and was recorded on October 5, 2023. The property has 5,915 square feet of built space and 2,247 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 $557 and the price per buildable square foot is $403 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 Michael Pellegrino estate was Cynthia Childs. The signatory for Brusco Realty was Joseph Fiore Annunziata. The contract date was June 12, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Brusco Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Pellegrino estate 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 Michael Pellegrino, individual owner and Michael Pellegrino, site manager.

The property

The residential walkup building with 10 residential units in Upper West Side has 5,915 square feet of built space and 2,247 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 $3.8 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 $50 in OATH penalties 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 45 commercial properties representing 479,567 square feet of the 676,339 square feet. The largest owner is Vincent Young, followed by Terrence Smart and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 676,339 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Brusco Realty owned at least 18 commercial properties with 265 residential units in New York City with 215,355 square feet and a city-determined market value of $58.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 215,355 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. They are all located in Manhattan.

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