GRFO pays $8.5M to Artimus for 35-unit elevator rental in Upper West Side

GRFO Alternative Investments through the entity Grfo 350w110 LLC paid $8.5 million to Artimus through the entity 350 Equities, L.L.C. for the 35-unit residential elevator building at 350 West 110th Street in Upper West Side, Manhattan.
The deal closed on April 27, 2022 and was recorded on May 5, 2022. The property has 31,596 square feet of built space and 12,323 square feet of additional air rights for a total buildable of 43,897 square feet according to PincusCo analysis of city data. The sale price per built square foot is $269 and the price per buildable square foot is $193 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 Artimus was Yoav Haron. The signatory for GRFO Alternative Investments was Doron Greenberg. Doron Greenberg is the founder of GRFO Alternative Investments.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer GRFO Alternative Investments had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Artimus had not purchased any other properties and sold four properties in one transactions for a total of $4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Ezrapour, head officer and Ken Haron, officer. The business entities are K And R Realty Management, Inc and 350 Equities Llc.

The property

The 350 West 110th Street parcel has frontage of 100 feet and is 72 feet deep with a total lot size of 7,292 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 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 three housing violations and $450 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 neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial 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.

The block

There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 119,844 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Artimus owned at least nine commercial properties with 191,662 square feet and a city-determined market value of $22.5 million. (Market value is typically about 50% of actual value.) The portfolio has $275.9 million in debt, with top three lenders as Bank Leumi, Bank Hapoalim, and Barings respectively. Within the portfolio, the bulk, or 51 percent of the 191,662 square feet of built space are residential elevator properties, with specialty properties next occupying 26 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Bronx next at 8 percent of the space.

Surrounding

Within a 400-foot radius of 350 West 110th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which L+M Development Partners borrowed $55.2 million from Grandbridge Real Estate Capital secured by the 30,608-square-foot, 181-unit rental (C1) on 200 Manhattan Avenue and one other property on June 3, 2021.

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