Liberty One Group pays $14M to nonprofit for two properties in Upper West Side

Liberty One Group through the entity West 106th Street Owner 1 LLC paid $14 million to August Aichhorn Center for Adolescent Residential Care for the 12-unit specialty building (N2) at 23 West 106th Street and the 12-unit specialty building (N9) at 142 West 106th Street in Upper West Side, Manhattan. PincusCo reported in April 2023 on this transaction when this deal was in contract.
The deal closed on March 5, 2024 and was recorded on March 14, 2024. The two properties have 24,570 square feet of built space and 8,833 square feet of additional air rights for a total buildable of 33,404 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $569 and the price per buildable square foot is $419 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 August Aichhorn Center for Adolescent Residential Care was Michael A. Pawel. The signatory for Liberty One Group was Yosef Rabinowitz. The contract date was May 20, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Liberty One Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller August Aichhorn Center for Adolescent Residential Care had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building with 12 residential units in Upper West Side has 24,570 square feet of built space and 8,833 square feet of additional air rights for a total buildable of 33,404 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,027 square feet. 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 $2.1 million.

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 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 2.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.5 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 the tax block of 23 West 106th Street, PincusCo has identified the owners of 11 of the 22 commercial properties representing 316,313 square feet of the 484,378 square feet. The largest owner is Yecheskel Eisenbach, followed by Pine Management and then Mordehy “Moti” Haber.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 484,378 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Liberty One Group owned at least five commercial properties with 73 residential units in New York City with 173,705 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) The portfolio has $58.7 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 46 percent of the 173,705 square feet of built space are industrial properties, with walkup properties next occupying 26 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Bronx next at 26 percent of the space.

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