Eli Rosenberg pays Richard Klein $25.9M for stake in six UWS walkups

Eli Rosenberg through the entity M Adler Enterprises LLC acquired an interest from Richard Klein through the entity level purchase valued at $25.9 million for a stake in six Upper West Side walkup buildings including the 12-unit (C7) at 416 Amsterdam Avenue, the 10-unit (C4) at 204 West 80th Street, and the 10-unit (C7) at 202 West 80th Street.
The deal closed on December 16, 2024 and was recorded on December 20, 2024. The six properties have 59,865 square feet of built space and 37,476 square feet of additional air rights for a total buildable of 97,286 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $433 and the price per buildable square foot is $266 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.) It’s unclear if this stake if for 100 percent of the ownership or a percentage. The transfer tax is for the entire amount of the sale price.
Richard Klein is the brother of the late real estate owner Frederick Rudd, of Rudd Realty Management, who died in June 2024. Eliyahu “Eli” Rosenberg is the owner of the condo where the new owner is registered.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eli Rosenberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Klein 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 Mark Rudd, head officer and Frederick Rudd, officer. The business entity is 200 West 80th Street Corp.

The property

The residential walkup building  416 Amsterdam Avenue with 12 residential units in Upper West Side has frontage of 27 feet and is 100 feet deep with a total lot size of 2,720 square feet. The zoning is C2-7A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times 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 $5.1 million. The property has 3 rent regulated units according to city tax records from 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, $11,250 in ECB penalties, two housing violations, and $11,950 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 $1 million on this tax lot.

The block

On the tax block of 416 Amsterdam Avenue, PincusCo has identified the owners of 15 of the 26 commercial properties representing 252,917 square feet of the 566,434 square feet. The largest owner is Friedland Properties, followed by Rudd Realty Management and then William Harra.
On the tax block, there was one new building construction project filed totaling 122,323 square feet. It is a 72-unit, 122,323 square-foot residential (R-2) building submitted by William Friedland with plans filed August 5, 2014 and permitted April 13, 2016.

The majority, or 38 percent of the 566,434 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Eli Rosenberg owned at least one other commercial property with 12 residential units in New York City with 7,680 square feet and a city-determined market value of $697,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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