Gad Janay pays $25.8M to Veracity Partners for mixed-use in Upper West Side

Florida investor Gad Janay through the entity 812 Amsterdam Owner LLC paid $25.8 million to Veracity Partners through the entity 812 Amsterdam LLC for the 42-unit mixed-use property at 814 Amsterdam Avenue in Upper West Side, Manhattan. The buyer acquired a leasehold covering the entire building which is divided into a residential rental condominium unit and two retail units. The fee is owned by St. Michael’s Protestant Episcopal Church.
The deal closed on April 28, 2023 and was recorded on May 8, 2023. The three condo units have 53,907 square feet of built space according to a 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 signatory for Veracity Partners was Michael J. Marino III. The signatory for Gad Janay was Gad Janay. St. Michael’s Protestant Episcopal Church as landlord signed a ground lease with Michael Marino in 2017 valued at $12.35 million, Then Veracity signed a $27.5 million loan. That loan, with a total of $25 million in principal, was assigned to Goldman Sachs and Gad Janay assumed the debt.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gad Janay had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Veracity Partners had not purchased any other properties and had not sold any properties over the same time period.

The property

The rental condo with 42 residential units in Upper West Side has 53,907 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 39,569 square feet. The city-designated market value for the property in 2022 is $11 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 814 Amsterdam Avenue, PincusCo has identified the owners of two of the seven commercial properties representing 194,425 square feet of the 469,417 square feet. The two identified owners are Michael Ahren and Andrew Goltzer.
On the tax block, there was one new building construction project filed totaling 232,187 square feet. It is a 42-unit, 232,187 square-foot residential (R-2) building submitted by Michael Marino, Iii with plans filed July 24, 2017 and permitted April 9, 2018.

The majority, or 76 percent of the 469,417 square feet of built space are elevator buildings, with hotel buildings next occupying 19 percent of the space.

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