GBF Realty sells 9-unit UES rental for $7.7M

The entity Whoa Nelly LLC with an address at Fortitude Capital paid $7.7 million to GBF Realty through the entity G.B.F. Realty Corp for the nine-unit rental (C5) at 50 East 81st Street in the Upper East Side, Manhattan.
The deal closed on July 29, 2021 and was recorded on August 10, 2021.
The property has 6,849 square feet of built space and 1,327 square feet of additional air rights for a total buildable of 8,172 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,124 and the price per buildable square foot is $942 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 GBF Realty was Barbara Coller.

The buyer is in care of Fortitude Capital.
The former owners according to the Department of Housing Preservation and Development included Witold Szewczyk, head officer and Miguel Hernandez, officer. The business entity is G B F Realty Corp.

Within a 400-foot radius of 50 East 81st Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on February 4, 2020 for a 60,268-square-foot residential R-2 building with 15 residential units residential units at 1045 Madison Avenue.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 1, 2021 for the $1.9 million renovation of 19,644-square-foot A-3 building at 1076 Madison Avenue.
Of those seven items, four were sales above $5 million totaling $178.1 million. The most recent of the four was Reka Darida Foundation which bought the 5,880-square-foot, six-unit mixed-use building (S5) on 1065 Madison Avenue for $10.2 million from Judson Realty on July 27, 2021.
One of those seven items was a loan which David Frederick Frankel borrowed $5 million from Principal Life Insurance Company secured by the 104,209-square-foot, 72-unit rental (D6) on 1058 Madison Avenue on May 4, 2020.

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