HUBB NYC pays $35.5M to AIR Communities for eight rentals in UWS, part of $190M deal

HUBB NYC through the entity 464-466 Amsterdam Ave 200 210 W 83rd LLC paid $35.5 million to AIR Communities through the entity Aimco 464-466 Amsterdam 200-210 West 83rd Street, for 13-unit rental (C7) at 464 Amsterdam Avenue in Upper West Side, Manhattan, 13-unit rental (C7) at 466 Amsterdam Avenue in Upper West Side, Manhattan, and six-unit rental (C4) at 208 West 83rd Street in Upper West Side, Manhattan. This is part of larger $190 million transaction The Real Deal reported on in October.
The deal closed on November 9, 2021 and was recorded on November 24, 2021.
The eight properties have 67,103 square feet of built space and 56,218 square feet of additional air rights for a total buildable of 123,325 square feet according to PincusCo analysis of city data. The sale price per built square foot is $529 and the price per buildable square foot is $287 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.
(104277523)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 13 residential units on December 22, 2017.
The former owners according to the Department of Housing Preservation and Development includes Roya Kalaghchi, head officer and Andy Au, agent. The business entities are Air Communities and Aimco 464-466 Amsterdam-200-210 W 83 St.

Within a 400-foot radius of 464 Amsterdam Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $90.6 million. The most recent of the two was Hadar Goldman which bought the 5,545-square-foot, five-unit rental (C2) on 169 West 83rd Street for $5.2 million from Douglas Jabbour on January 28, 2021.
Of those five items, three were loans above $5 million totaling $47.8 million. The most recent of the three was Hadar Goldman which borrowed $5.7 million from Bank Hapoalim secured by the 4,060-square-foot, five-unit rental (C2) on 169 West 83rd Street and one other property on January 28, 2021.

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