Dhiren Mehta pays $6.1M for residential elevator in Upper West Side

Dhiren Mehta through the entity Om LLC paid $6.1 million to Samuel Schreiber through the entity B-Hattan, Inc. for the 15-unit residential elevator building (D1) at 304 West 102nd Street in the Upper West Side, Manhattan.
The deal closed on February 28, 2023 and was recorded on March 7, 2023. The property has 9,850 square feet of built space and 252 square feet of additional air rights for a total buildable of 10,092 square feet according to PincusCo analysis of city data. The sale price per built square foot is $616 and the price per buildable square foot is $601 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 Samuel Schreiber was Samuel Schreiber. The signatory for Dhiren Mehta was Dhiren Mehta.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dhiren Mehta had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Samuel Schreiber purchased one property in one transaction for a total of $4 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sam Schreiber, head officer and Javier Teutle, site manager. The business entity is Bhattan Realty Corp. The 9,850-square-foot property generated revenue of $430,612 or $44 per square foot, according to the most recent income and expense figures.

The property

The 304 West 102nd Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,523 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $1.8 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 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 block

On this tax block, PincusCo has identified the owners of 10 of the 25 commercial properties representing 379,046 square feet of the 497,368 square feet. The largest owner is Schreiber Properties, followed by Roop Metharamani and then Richard Eisenberg.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 494,711 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Samuel Schreiber owned at least one commercial property in New York City with 16,350 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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