Japan-based ThirdWave pays $9M for two walkups in Upper West Side

Japan-based ThirdWave Group through the entity Thirdwave Corp. Fictitious Name Thirdwave Japan paid $9 million to Ronald Cherney through the entity 250 Associates, L.P. for the 10-unit walkup (C5) at 250 West 102nd Street and the 10-unit walkup (C4) at 248 West 102nd Street in the Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on May 15, 2025 and was recorded on June 11, 2025. The two properties have 12,436 square feet of built space and 3,181 square feet of additional air rights for a total buildable of 15,608 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $723 and the price per buildable square foot is $576 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 Ronald Cherney was Ronald Cherney. The signatory for ThirdWave Group was Devin Yasuda . The contract date was February 28, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 250 W 102nd St.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ThirdWave Group purchased one property in one transaction for a total of $5.9 million and has no record it sold any properties over the past 24 months.
The seller Ronald Cherney had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mel Cherney, head officer and Ronald Cherney, officer. The business entity is 250 Associates.

The property

The residential walkup buildings with 20 residential units in Upper West Side has 12,436 square feet of built space and 3,181 square feet of additional air rights for a total buildable of 15,608 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 101 feet deep with a total lot size of about 3,900 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District Extension II.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $3,980 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 $1 million on this tax lot.

The block

On the tax block of 250 W 102nd St, PincusCo has identified the owners of 18 of the 25 commercial properties representing 401,488 square feet of the 574,849 square feet. The largest owner is BLDG Management, followed by Thor Equities and then Milbrook Properties.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 574,849 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Ronald Cherney owned at least 14 commercial properties with 268 residential units in New York City with 183,933 square feet and a city-determined market value of $66.6 million. (Market value is typically about 50% of actual value.) The portfolio has $19.4 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and First Republic Bank respectively. Within the portfolio, the bulk, or 69 percent of the 183,933 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Thirdwave Group owned at least one commercial property with three residential units in New York City with 3,000 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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