Liberty One Group signs $14M contract with nonprofit for UWS property

Liberty One Group through the signatory Jojo Rabinowitz signed a contract as buyer to pay the nonprofit August Aichhorn Center for Adolescent Residential Care $14 million for the adjacent properties 23 West 106th Street and 142 Manhattan Avenue in the Upper West Side of Manhattan.

The buyer Liberty One Group develops properties including homeless shelters. The nonprofit August Aichhorn Center since 1991 operated a 32-bed residential treatment center at the location with the mission to provide long-term psychiatric treatment for teenagers. The state closed the location and another one in Brooklyn, in 2020.

The larger building, 23 West 106th Street has 12 residential units, 12,900 square feet of built space and 5,327 square feet of additional air rights for a total buildable of 18,222 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 $1.9 million.

The second building is 142 Manhattan Avenue with 12 residential units and it has 11,670 square feet of built space and 3,505 square feet of additional air rights for a total buildable of 15,182 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 2,522 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 $1.7 million.

According to the contract, the brokers are Reuveni Real Estate LLC for the seller and JLL for the buyer. The seller will pay Reuveni,  and the purchaser will pay JLL.

The PincusCo database currently indicates that Liberty One Group owned at least four commercial properties with 117,305 square feet, 73 residential units and a city-determined market value of None. (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 38 percent of the 117,305 square feet of built space are walkup properties, with N2 properties next occupying 25 percent of the space. The bulk, or 38 percent of the built space, is in Bronx, with Brooklyn next at 37 percent of the space.

Filing LINK

Direct link to the property’s ACRIS page