Joshua Einhorn pays $7.6M to Walter & Samuels for 12-unit walkup in UWS

Joshua Einhorn through the entity 940 ARJE LLC paid $7.6 million to Walter & Samuels through the entity 940 Columbus LLC for the 12-unit residential walkup building (C7) at 940 Columbus Avenue in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on February 4, 2025 and was recorded on February 12, 2025. The property has 11,093 square feet of built space and 4,510 square feet of additional air rights for a total buildable of 15,603 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $685 and the price per buildable square foot is $487 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 November 21, 2017, for $9.9 million. The signatory for Walter & Samuels was David I. Berley . The signatory for Joshua Einhorn was Daniel Lifshitz. The contract date was February 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joshua Einhorn had purchased any other properties and sold one property in one transaction for a total of $6.2 million over the past 24 months.
The seller Walter & Samuels had not purchased any other properties and sold eight properties in eight transactions for a total of $142.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steve Forest, head officer and Peter Weiss, officer. The business entities are Walter&Samuels, Inc and 940 Columbus Llc. The 11,093-square-foot property generated revenue of $756,460 or $68 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Upper West Side has 11,093 square feet of built space and 4,510 square feet of additional air rights for a total buildable of 15,603 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,592 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $100 million money judgment concerning a partnership filed on December 26, 2024, by Connie Abraham, Terry Miller, and Larry Miller against Walter & Samuels and David Berley. In addition, according to city public data, the property has received 14 housing violations and $1,000 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 this tax block, PincusCo has identified the owners of 16 of the 26 commercial properties representing 285,015 square feet of the 541,470 square feet. The largest owner is StorageMart, followed by Black Spruce Management and then Ranger Management.
On the tax block, there was one new building construction project filed totaling 35,812 square feet. It is a 48-unit, 35,812 square-foot residential (R-2) building submitted by Jaime Birman with plans filed November 17, 2017 and it has not been permitted yet.

The majority, or 38 percent of the 541,470 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Walter & Samuels owned at least eight commercial properties in New York City with 527,605 square feet and a city-determined market value of $121.6 million. (Market value is typically about 50% of actual value.) The portfolio has $112.1 million in debt, borrowed from Bank of America and Citibank. Within the portfolio, the bulk, or 83 percent of the 527,605 square feet of built space are office properties, with specialty properties next occupying 14 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Joshua Einhorn owned at least one commercial property with eight residential units in New York City with 4,639 square feet and a city-determined market value of $727,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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