Central Park West townhouse sells for $26M

The entity 248 Central Park West LLC paid $26 million to the entity Varmland 248 LLC for midblock townhouse at 248 Central Park West in Upper West Side, Manhattan. The New York Post reported the sale last month.
The deal closed on March 11, 2022 and was recorded on April 11, 2022. The property has 9,115 square feet of built space and 10,880 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,852 and the price per buildable square foot is $1,300 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 seller bought the property on June 18, 2019, for $16.2 million.

The property

The 248 Central Park West parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $16.2 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

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 neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 45 commercial properties representing 347,873 square feet of the 559,192 square feet. The largest owner is Rudin Management, followed by Alan Tauber and then Philip Roitman. There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 758,099 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 34 percent of the space.

Surrounding

Within a 400-foot radius of 248 Central Park West, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which 30W 85th Street LLC bought the 6,168-square-foot, one-unit townhouse (A4) on 30 West 85th Street for $18.3 million from Lawrence A. First and Marie Iamunno on February 4, 2022.
Of those three items, two were loans above $5 million totaling $47.5 million. The most recent of the two was Seth Haberman which borrowed $29.5 million from Morgan Stanley secured by the 128,194-square-foot, 71-unit rental (D7) on 251 Central Park West on October 14, 2021.

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