Horizon Group pays $12.1M to Cosmopolitan Broadcasting for hotel in the Upper West Side

Horizon Group through the entity Horizon 80 RSD LLC paid $12.1 million to Cosmopolitan Broadcasting Corporation through the entity Cosmopolitan Broadcasting Corporation for the hotel (HS) at 80 Riverside Drive in the Upper West Side, Manhattan.
The deal closed on August 25, 2021 and was recorded on September 9, 2021.
The property has 25,639 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $471 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 Cosmopolitan Broadcasting Corporation was Don Lewis. The signatory for Horizon Group was David Marom.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1.1 million.
Cosmopolitan owned and operated the radio station WHBI which started broadcasting in 1962. Cosmopolitan bought the building in January 1968.  David Marom is the owner of the development firm, the Horizon Group. 

PincusCo reported on a memorandum of contract that was recorded in March 2021.
The former owners according to the Department of Housing Preservation and Development included Don Lewis, head officer and Debra Reeves, officer. The business entities were Cosmopoliktan Broadcasting Corporation and ……Cosmopolitan Broadcastng Corp/Lewis Don.

Within a 400-foot radius of 80 Riverside Drive, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Jeff Beal and Beal Family Trust bought the 5,940-square-foot, one-unit townhouse (A4) on 324 West 80th Street for $10.2 million from Jane Corbett Flusser on May 5, 2021.
One of those two items was a loan which Calhoun School borrowed $32.5 million from Build Nyc Resource Corporation secured by the 43,786-square-foot, one-unit industrial (W3) on 431 West End Avenue and two other properties on January 20, 2021.

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