An anonymous buyer in care of Jeffrey Zwick & Associates through the entity UWS Partners LLC paid $14 million to the Calhoun School through the entity The Calhoun School, Inc. for the specialty building (W7) at 160 West 74th Street in the Upper West Side, Manhattan.
The deal closed on June 30, 2023 and was recorded on July 7, 2023. The contract date was March 20, 2023. The property has 16,937 square feet of built space and 3,473 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $826 and the price per buildable square foot is $685 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 Calhoun School was Jon Brayshaw. The signatory for the buyer was Daniel Cohen. Daniel Cohen is an attorney with Jeffrey Zwick & Associates.
Prior sales and revenue
The seller Calhoun School had not purchased any other properties and had not sold any properties over the same time period.
The specialty building in Upper West Side has 16,937 square feet of built space and 3,473 square feet of additional air rights for a total buildable of 20,432 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 102 feet deep with a total lot size of 5,108 square feet. The lot is irregular. 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 $12.1 million. The most recent loan totaled $32.5 million and was provided by Build NYC Resource Corporation on December 30, 2020.
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.
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 2.9 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3 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 18 of the 31 commercial properties representing 133,578 square feet of the 415,995 square feet. The largest owner is William Blanchard, followed by Sackman Enterprises and then Roseanne Yanni.
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 415,995 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.
The PincusCo database currently indicates that Calhoun School owned at least three commercial properties in New York City with 66,393 square feet and a city-determined market value of $40.4 million. (Market value is typically about 50% of actual value.) The portfolio has $32.5 million in debt, borrowed from Build NYC Resource Corporation. Within the portfolio, all identified are specialty properties. They are all located in Manhattan.
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