Centerpark pays $6.2M to Muss for garage condo in Midtown West

Centerpark through the entity 58 W 58th Garage LLC paid $6.2 million to Muss Development through the entity Sm 123 LLC for garage condominium unit at 58 West 58th Street in Midtown West, Manhattan.
The deal closed on May 13, 2022 and was recorded on May 31, 2022. The property has 22,076 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $280 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 property

The 58 West 58th Street unit has a total lot size of 22,076 square feet. The city-designated market value for the property in 2022 is $2.8 million.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 24 commercial properties representing 2,134,124 square feet of the 2,582,035 square feet. The largest owner is Solow Realty & Development, followed by Goodman family and then Jerome Cohen family. There is one active new building construction project totaling 36,423 square feet. It is a 15-unit, 36,423-square-foot R-2 building developed by Anthony Calicchio with plans filed December 30, 2016 and permitted January 24, 2018.

The majority, or 79 percent of the 2.6 million square feet of built space are office buildings, with retail buildings next occupying 9 percent of the space.

Surrounding

Within a 400-foot radius of 58 West 58th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 11, 2021 for the $640,290 renovation of 570,423-square-foot B building with no residential units at 40 West 57th Street.
Of those seven items, four were sales above $5 million totaling $60.8 million. The most recent of the four was Karen Arnold which bought one condo unit in the 447-unit mixed-use building (RM) on 768 5th Avenue for $10.8 million from McNamara Family Trust on January 18, 2022.
Of those seven items, two were loans above $5 million totaling $60.7 million. The most recent of the two was James A. Nicholson which borrowed $5.7 million from Apple Bank for Savings secured by one condo unit in the 22,155-square-foot, 89-unit mixed-use building (RM) on 57 West 58th Street on November 16, 2021.

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