Landsea Holdings through the entity 212 West 93rd Street LLC paid $24.5 million to Congregation Shaare Zedek for 20 residential condominium units in the newly built 212 West 93rd Street on the Upper West Side of Manhattan.
This is a long-planned transaction with a contract date of January 2016, in which Landsea constructed a new building with 20 residential condo units and one commercial unit. Zedek held on to the commercial condo, and sold the remaining units to Landsea.
The deal closed on June 22, 2023 and was recorded on June 26, 2023.
The signatory for Congregation Shaare Zedek was Michael Firestone. The signatory for Landsea Holdings was Qin Zhou.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Landsea Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Congregation Shaare Zedek had not purchased any other properties and had not sold any properties over the same time period.
The residential elevator building with 20 residential units in Upper West Side has 60,908 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,552 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $19.9 million. The most recent loan totaled $35 million and was provided by Fort Amsterdam Capital on November 3, 2022.
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 four DOB violations and $1,650 in OATH penalties in the last year.
On these lots, there is one active new building construction project for a 20-unit, 48,935 square-foot R-2 building. The project was submitted by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019. On the tax lot, the most recent condominium plan was filed by 212 WEST 93RD STREET LLC to create 20 residential units and 1 commercial units in a building at 212 West 93rd Street in Upper West Side, Manhattan, called 212 West 93rd Street Condominiumthat has a $84.4 million sellout, according to an October 2, 2019 submission to the New York State Attorney General.
On the tax block of 212 West 93rd Street, PincusCo has identified the owners of six of the eight commercial properties representing 615,903 square feet of the 750,303 square feet. The largest owner is Yecheskel Eisenbach, followed by Stellar Management and then Norman Chung.
On the tax block, there was one new building construction project filed totaling 48,935 square feet. It is a 20-unit, 48,935 square-foot residential (R-2) building submitted by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019.
The majority, or 61 percent of the 750,303 square feet of built space are elevator buildings, with hotel buildings next occupying 37 percent of the space.
Correction: A previous post stated the buyer was Landsea Homes, but in fact the buyer is Landsea Holdings.
Direct link to Acris document. link