Joseph Goldzal, Asaf Dror pay $3.1M for mixed-use in Upper West Side

Joseph M. Goldzal and Asaf Dror through the entity Bmn Uws 26 LLC paid $3.1 million to Mihail Papagiannakis and Emmanoiel Papagiannakis through the entity M.D.M.A. Realty Corp. for the four-unit mixed-use building (S4) at 254 West 88th Street in the Upper West Side, Manhattan.
The deal closed on April 21, 2023 and was recorded on April 27, 2023. The property has 4,208 square feet of built space and 13,916 square feet of additional air rights for a total buildable of 18,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $748 and the price per buildable square foot is $173 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 Mihail Papagiannakis and Emmanoiel Papagiannakis was Mihail Papagiannakis. The signatory for Joseph M. Goldzal and Asaf Dror was Asaf Dror. Joseph M. Goldzal and Asaf Dror are both identified as guarantors on the loan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph M. Goldzal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mihail Papagiannakis 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 Mike Papagiannakis, head officer and Manoci Papagiannakis, agent. The business entities are Mdma Realty and M.D.M.A Realty.

The property

The mixed-use building with 4 residential units in Upper West Side has 4,208 square feet of built space and 13,916 square feet of additional air rights for a total buildable of 18,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,812 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation 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 neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has the 7th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Upper West Side has 2.8 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 307,948 square feet of the 666,638 square feet. The largest owner is Frank Ortiz, followed by Brusco Group and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 666,638 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Asaf Dror owned at least three commercial properties with 25 residential units in New York City with 12,375 square feet. Within the portfolio, all identified are walkup properties. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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