Davean Holdings pays $6.9M for mixed-use in Upper West Side

Davean Holdings through the entity 237 West 72nd Street Owner LLC paid $6.9 million to Wigder Investment Group through the entity Mbvw Realty Corp. for the four-unit mixed-use building at 237 West 72nd Street in Upper West Side, Manhattan.
The deal closed on February 4, 2022 and was recorded on February 24, 2022.
The property has 7,810 square feet of built space and 15,698 square feet of additional air rights for a total buildable of 23,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $879 and the price per buildable square foot is $292 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 Wigder Investment Group was Marc Wigder. The signatory for Davean Holdings was David Lloyd.
Prior to this transaction, the buyer Davean Holdings purchased 16 properties in 14 transactions for a total of $90.1 million and had not sold any properties over the past 24 months.
The seller Wigder Investment Group had not purchased any other properties and had not sold any properties over the same time period.
The 7,810-square-foot property generated revenue of $343,328 or $44 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
David Lloyd is the co-founder of Davean Holdings. Wigder Investment Group, a part of Greenhouse Offices was the owner of this property. Warc Widger is a managing partner of the Greenhouse Property Company.
In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of 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.
On the tax block, the majority, or 51 percent of the 714,668 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Marc Widger, head officer and Randy Glick, officer. The business entity was Mbvw Realty Corp.

Within a 400-foot radius of 237 West 72nd Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, four were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1,000,000, one permit with a total initial cost of $632,560 and two initial temporary certificate of occupancy issuances for projects that initially costed $617,100. The most recent of these four items was the permit on February 4, 2021 for a 6,430-square-foot R-2 building with nine residential units at 268 West 73rd Street.
One of those nine items was a sale which Zachary Brez bought the 6,347-square-foot, one-unit townhouse (A4) on 260 West 73rd Street for $10.8 million from Nicholas Tsang on November 5, 2021.
Of those nine items, four were loans above $5 million totaling $126.8 million. The most recent of the four was GPS Realty NYC which borrowed $9.5 million from New York Community Bank secured by the 6,200-square-foot, seven-unit rental (C5) on 262 West 73rd Street and two other properties on December 16, 2021.

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