Engel Burman, Harrison Street buy Northwind stake valued at $88M for UWS rental

Engel Burman and Harrison Street Real Estate Capital through the entity Hsre-Eb VIII LLC acquired an interest from Northwind Group through the entity 305 West End Northwind LLC valued at $88 million for rental (H6) at 305 West End Avenue in the Upper West Side, Manhattan.
The deal closed on August 6, 2021 and was recorded on August 12, 2021.
The property has 184,060 square feet of built space and 0 square feet of additional air rights for a total buildable of 138,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $478 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 owner bought the property on 5-Dec-16, for $145 million.
(123197218)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 238 residential units on April 24, 2018.
This is an entity level sale for a 50 percent stake valued at $87.985 million in the building. Engel Burman is led by Jan Berman, Steven Krieger and others.  Ran Eliasaf’s Northwind Group, Engel Burman and Harrison Street Real Estate Capital bought the senior residences for $145 million in December 2016.
The owners according to the Department of Housing Preservation and Development includes Steven Krieger, head officer and Ran Eliasaf, officer. The business entities are Ultimate Care Assisted Living Management Llc and 305 West End Property, Llc.

Within a 400-foot radius of 305 West End Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 10, 2019 for the $685,000 renovation of 12,281-square-foot R-2 building with 18 residential units at 241 West 75th Street.
One of those four items was a sale which Care of Finger Management bought the 4,828-square-foot, five-unit rental (C2) on 250 West 74th Street for $5.4 million from Marcia Regan on November 18, 2020.
Of those four items, two were loans above $5 million totaling $34.3 million. The most recent of the two was Stellar Management which borrowed $24.2 million from New York Community Bank secured by the 50,600-square-foot, 61-unit rental (D3) on 252 West 76th Street on May 20, 2021.

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