GRFO Alternative pays $16.2M to Property Resources for 43 units in two UWS buildings

GRFO Alternative Investments paid $16.2 million to Property Resources Corporation for 43 units in two Upper West Side buildings in two separate transactions.
In the first, GRFO Alternative Investments through the entity GRFO 992 Amsterdam LLC paid $10 million to Property Resources Corporation through the entity 992-1000 Amsterdam LLC for the 28-unit residential elevator building (D7) at 992 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on December 21, 2022 and was recorded on January 4, 2023.The property has 28,944 square feet of built space and 7,664 square feet of additional air rights for a total buildable of 36,619 square feet according to PincusCo analysis of city data. The sale price per built square foot is $345 and the price per buildable square foot is $273 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 seller bought the property on November 29, 2018, for $25.5 million. The signatory for Property Resources Corporation was Benjamin Linde. The signatory for GRFO Alternative Investments was Doron Greenberg.

In the second, GRFO Alternative Investments through the entity Grfo 998 Amsterdam LLC paid $6.2 million to Property Resources Corporation through the entity 992-1000 Amsterdam LLC for the 15-unit residential walkup building (C7) at 998 Amsterdam Avenue in Upper West Side, Manhattan. The deal closed on December 21, 2022 and was recorded on January 4, 2023. The property has 16,632 square feet of built space and 7,440 square feet of additional air rights for a total buildable of 24,080 square feet according to PincusCo analysis of city data. The sale price per built square foot is $372 and the price per buildable square foot is $257 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer GRFO Alternative Investments purchased one property in one transaction for a total of $8.5 million and has no record it sold any properties over the past 24 months.
The seller Property Resources Corporation had not purchased any other properties and sold 44 properties in five transactions for a total of $148.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Benjamin Linde, head officer and Matt Linde, officer. The business entities are Prc Management and 992-1000 Amsterdam Avenue Llc. The 28,944-square-foot property generated revenue of $652,135 or $23 per square foot, according to the most recent income and expense figures.

The property

The 992 Amsterdam Avenue parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,083 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $5,075 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 21 commercial properties representing 354,765 square feet of the 467,545 square feet. The largest owner is Michael Daniel, followed by Columbia University and then Black Spruce Management.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 467,355 square feet of built space are walkup buildings, with specialty buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Property Resources Corporation owned at least one commercial property in New York City with 696,525 square feet and a city-determined market value of $40.7 million. (Market value is typically about 50% of actual value.) The portfolio has $436.6 million in debt, borrowed from NYC Housing Development Corporation. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that GRFO Alternative Investments owned at least one commercial property in New York City with 31,596 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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