Emmut Properties pays $79.8M to Harry Krakowski for hotel in Upper West Side

Emmut Properties through the entity 45 West Emmut Properties LLC paid $79.8 million to Harry Krakowski through the entity Excelsior Syndicate Inc for hotel (H2) at 45 West 81st Street in Upper West Side, Manhattan.
The deal closed on December 16, 2021 and was recorded on January 6, 2022.
The property has 133,229 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $598 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 Harry Krakowski was Harry Krakowski. The signatory for Emmut Properties was John Young.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $105,000.
The New York Post first reported on the sale, noting the hotel was closed during Covid and that Emmut often converts commercial buildings into residential rentals.
The owners according to the Department of Housing Preservation and Development includes Harry Krakowski, head officer and Rachel Krakowski, site manager. The business entity is Excelsior Syndicate Inc.

Within a 400-foot radius of 45 West 81st Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which 101 West 81st Street cooperative borrowed $9.5 million from Investors Bank secured by one condo unit in the 148,751-square-foot, 153-unit mixed-use building (RM) on 101 West 81st Street on August 6, 2021.

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