Fetner, PGIM buy UWS land for 171-unit dev site for $32.9M

Fetner Properties and PGIM Real Estate bought two parcels on the Upper West Side that are part of the footprint of a planned 171-unit dev site, in two separate transactions with different sellers. The total amount was $32.9 million.

In the larger, Hal Fetner’s Fetner Properties and PGIM Real Estate through the entity 270 West 96th Street Associates, LLC paid $16.8 million to NAACP Roy Wilkins Center, Inc. through the entity Naacp Mid-Manhattan Branch Community Services, Inc for office building (O2) at 270 West 96th Street in Upper West Side, Manhattan.
The deal closed on December 16, 2021 and was recorded on January 3, 2022.
The property has 6,660 square feet of built space and 21,831 square feet of additional air rights for a total buildable of 28,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,525 and the price per buildable square foot is $590 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 NAACP Roy Wilkins Center, Inc. was Joseph L. Hughes. The signatory for Fetner Properties and PGIM Real Estate was Harold Fetner.
(121209502) Plans for a 171-unit, 124,591 square-foot R-2 were filed on March 16, 2021.
PincusCo first wrote about this development in 2019.
Within a 400-foot radius of 270 West 96th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on November 18, 2020 for a 232,290-square-foot R-2 building with 130 residential units at 2555 Broadway.
Of those three items, two were loans above $5 million totaling $221.5 million. The most recent of the two was Brack Capital Real Estate which borrowed $110.8 million from Acrefi Cs U, LLC secured by the 237,507-square-foot industrial (N2) on 720 West End Avenue on March 12, 2021.

Direct link to Acris document. link

In the second, Fetner Properties and PGIM Real Estate through the entity Amp Property Owner L.P. paid $16.1 million to Salvation Army for the mixed-use building (K2) at 268 West 96th Street in Upper West Side, Manhattan.
The deal closed on December 16, 2021 and was recorded on January 3, 2022.
The property has 3,750 square feet of built space and 21,428 square feet of additional air rights for a total buildable of 25,180 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,293 and the price per buildable square foot is $639 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 Salvation Army was Charles S. Foster. The signatory for Fetner Properties and PGIM Real Estate was Harold Fetner.

There has been one demolition project filed for the parcels over the past five years.
Within a 400-foot radius of 268 West 96th Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on March 16, 2021 for a 124,591-square-foot R-2 building with 171 residential units at 270 West 96th Street.
Of those four items, two were loans above $5 million totaling $221.5 million. The most recent of the two was Brack Capital Real Estate which borrowed $110.8 million from Acrefi Cs U, LLC secured by the 237,507-square-foot, one-unit industrial (N2) on 720 West End Avenue on March 12, 2021.

Direct link to Acris document. link