Laurence Beame pays $4.3M for 12-unit UWS walkup

Laurence Beame through the entity 246 W 73 LLC paid $4.3 million to Scott Lerman through the entity 246 Realty Company LLC for the 12-unit residential walkup building (C1) at 246 West 73rd Street in Upper West Side, Manhattan.
The deal closed on July 1, 2024 and was recorded on July 8, 2024. The property has 8,601 square feet of built space and 1,516 square feet of additional air rights for a total buildable of 10,112 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $425 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 Scott Lerman was Scott Lerman. The signatory for Laurence Beame was Laurence Beame. The contract date was May 21, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Laurence Beame had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Scott Lerman 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 Scott Lerman, head officer and Terry Lerman, officer. The business entity is 246 Realty Company Llc.

The property

The residential walkup building with 12 residential units in Upper West Side has 8,601 square feet of built space and 1,516 square feet of additional air rights for a total buildable of 10,112 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 102 feet deep with a total lot size of 2,528 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $1.4 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 $1,130 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 18 of the 28 commercial properties representing 450,980 square feet of the 554,397 square feet. The largest owner is Vincent Young, followed by Urban Standard Development and then Scott Lerman.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 554,397 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Scott Lerman owned at least four commercial properties with 45 residential units in New York City with 38,611 square feet and a city-determined market value of $26.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Laurence Beame owned at least four commercial properties with 62 residential units in New York City with 40,635 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio has $13 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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