HUBB NYC pays $140M, part of expected $190M sale

HUBB NYC paid $139.9 million to AIR Communities for rentals in the Upper West Side with a total of 266 units in eight separate transactions. The entire transaction is expected to total $190 million, according to an article in The Real Deal from October.

In the first transaction recorded Friday, HUBB NYC through the entity 181-199 Columbus Ave LLC paid $60.5 million to AIR Communities through the entity Aimco Columbus Ave., LLC for a 16-unit rental (C7) at 181-189 Columbus Avenue in Upper West Side, Manhattan, 10-unit rental (C7) at 74 West 69th Street in Upper West Side, Manhattan, and 15-unit rental (C7) at 72 West 69th Street in Upper West Side, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 19, 2021.
The five properties have 62,560 square feet of built space and 50,717 square feet of additional air rights for a total buildable of 113,273 square feet according to PincusCo analysis of city data. The sale price per built square foot is $967 and the price per buildable square foot is $534 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 AIR Communities was Lisa Cohn. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn.

The Real Deal first reported in October 2021 that the sale expected to total $190 million was in contract. Air Communities is an $8 billion owner and operator that was created through a spin off last year from the publicly traded development company AIMCO,
The former owners according to the Department of Housing Preservation and Development includes Roya Kalaghchi, head officer and Drita Nikezic, site manager. The business entities are Aimco and Aimco Columbus Avenue, Llc.

Direct link to Acris document. link

In the second transaction, HUBB NYC through the entity 182-188 Columbus Apts LLC paid $25.1 million to AIR Communities through the entity Aimco 182-188 Columbus Avenue, LLC for 16-unit rental (C7) at 182 Columbus Avenue in Upper West Side, Manhattan and 16-unit rental (C7) at 186 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 19, 2021.
The two properties have 25,660 square feet of built space and 22,464 square feet of additional air rights for a total buildable of 48,128 square feet according to PincusCo analysis of city data. The sale price per built square foot is $978 and the price per buildable square foot is $521 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 AIR Communities was Lisa Cohn. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn.
(122823267)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 16 residential units on May 30, 2017.
The owners according to the Department of Housing Preservation and Development includes Roya Kalaghchi, head officer and Drita Nikezic, site manager. The business entities are Aimco and Aimco 182-188 Columbus Avenue Llc.
Within a 400-foot radius of 182 Columbus Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Erzuli LLC borrowed $22.2 million from Hollbruge secured by the 13,767-square-foot, 13-unit rental (C5) on 48 West 69th Street on January 2, 2020.

Direct link to Acris document. link

In the third transaction, HUBB NYC through the entity 322 E 61st St LLC paid $14.4 million to AIR Communities through the entity Aimco 322 East 61st Street, LLC for 56-unit rental (C5) at 322 East 61st Street in Upper East Side, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 19, 2021.
The property has 21,340 square feet of built space and 5,408 square feet of additional air rights for a total buildable of 26,775 square feet according to PincusCo analysis of city data. The sale price per built square foot is $674 and the price per buildable square foot is $537 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 February 25, 2005, for $7.2 million.
The signatory for AIR Communities was Lisa Cohn. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $120,000.
The owners according to the Department of Housing Preservation and Development includes Roya Kalaghchi, head officer and Viktor Dedvukaj, site manager. The business entities are Aimco and Aimco 322 East 61st Street, Llc.
Within a 400-foot radius of 322 East 61st Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were sales above $5 million totaling $57.4 million. The most recent of the two was Townhouse Property Group which bought the 5,000-square-foot, four-unit mixed-use building (K4) on 1152 2nd Avenue for $6.0 million from Rosario Asta on June 17, 2021.
Of those seven items, five were loans above $5 million totaling $108.5 million. The most recent of the five was Townhouse Property Group which borrowed $5.5 million from Dime Community Bank secured by the 4,000-square-foot, five-unit mixed-use building (S4) on 1156 2nd Avenue and two other properties on June 17, 2021.