Florida-based Leon Agami through the entity 50-56 Manhattan Avenue, LLC paid Orbach Group’s 50 Manhattan Avenue LLC $15.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 49 residential units at 50 Manhattan Avenue in the Upper West Side. The deal closed on August 29, 2019 and was recorded on September 05, 2019. The parcel(s) have total development potential of 72,694 square feet.
The sale price per unit is $321,109.
The estimated cap rate is 1.6%
The transfer documents do not disclose a contract date before the sale date. In addition, the transfer documents indicate this was a “sale of fractional or less than fee interest.” However the transaction is described as 100 percent on the Acris website, and the assigned debt refers to the Orbach entities as the former owners. The last time the property sold was July 06, 2016, when Orbach Group bought it for $25,800,000.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $317,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.