Dan Rozenblatt pays $4.5M for 8-unit walkup in Upper West Side

Dan Rozenblatt through the entity 857 President Street Corp. paid $4.5 million to Danielle S. Downing through the entity 223 West 78 Street LLC for the eight-unit residential walkup building (C1) at 223 West 78th Street in Upper West Side, Manhattan.
The deal closed on December 13, 2022 and was recorded on December 21, 2022. The property has 3,449 square feet of built space and 4,719 square feet of additional air rights for a total buildable of 8,172 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,298 and the price per buildable square foot is $548 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 Danielle S. Downing was Danielle S. Downing. The signatory for Dan Rozenblatt was Dan Rozenblatt.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Dan Rozenblatt had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Danielle S. Downing 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 Jorge Jorge, head officer and Daniel Papa, officer. The business entities are Lisa Management and 223 W.78th St. Llc. The 3,449-square-foot property generated revenue of $167,173 or $48 per square foot, according to the most recent income and expense figures.

The property

The 223 West 78th Street 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 city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 28 commercial properties representing 16,553 square feet of the 307,287 square feet. The largest owner is Ilan Rubenstein, followed by Leonardo Cutone and then Hildreth Real Estate Advisors.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 269,049 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

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