Fortune Society pays $11M to Impulsive Group for hotel in Upper West Side

Fortune Society through the entity 258 West 97th Street Housing Development Fund Corp paid $11 million to Impulsive Group through the entity Terrilee 97th St. LLC for hotel building at 258 West 97th Street in Upper West Side, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 8, 2022.
The property has 26,334 square feet of built space and 24,119 square feet of additional air rights for a total buildable of 50,460 square feet according to PincusCo analysis of city data. The sale price per built square foot is $417 and the price per buildable square foot is $217 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 Impulsive Group was Hank Freid. The signatory for Fortune Society was Sherry Goldstein.

The seller Impulsive Group had not purchased any other properties and sold one properties in one transactions for a total of $15.5 million over the same time period.
The 26,334-square-foot property generated revenue of $1.7 million or $64 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Hank Freid is the owner of Impulsive Group and this hotel is the Sanctuary Hotel. The buyer LLC is in care of of The Fortune Society, a nonprofit located at the same address as the LLC.

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 81 percent of the 331,082 square feet of built space are residential elevator buildings, with specialty buildings next occupying 8 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Glenn Westerlind, head officer and Denise Espinal, officer. The business entity was Terrilee 97th St, Llc.
Within a 400-foot radius of 258 West 97th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six 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 six items, two were sales above $5 million totaling $32.9 million. The most recent of the two was PGIM Real Estate which bought the 3,750-square-foot, one-unit mixed-use building (K2) on 268 West 96th Street for $16.1 million from Salvation Army on January 3, 2022.
Of those six items, two were loans above $5 million totaling $100.3 million. The most recent of the two was Fetner Properties which borrowed $88.5 million from Wells Fargo secured by the 6,660-square-foot industrial (U7) on 266 West 96th Street and two other properties on January 10, 2022.

Direct link to Acris document. link