Lightstone Group pays $28.5M for rental in Upper West Side

Lightstone Group through the entity 700 West End Ave. Associates LLC paid $28.5 million to Sofia Einy through the entity Salamon Realty, LLC for 65-unit rental (D3) at 700 West End Avenue in Upper West Side, Manhattan.
The deal closed on September 1, 2021 and was recorded on September 20, 2021.
The property has 55,840 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $510 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 Sofia Einy was Sofia Einy. The signatory for Lightstone Group was Joseph E. Teichman.

The contract date was September 1, 2021, the same as the closing date.
The former owners according to the Department of Housing Preservation and Development included Sofia Einy, head officer and Shlomo Eini, shareholder. The business entity was Salamon Realty Llc.

Within a 400-foot radius of 700 West End Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on October 2, 2019 for a 90,596-square-foot R-2 building with 44 residential units at 2505 Broadway.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 1, 2020 for the $350,000 renovation of a residential R-2 building with 174 residential units at 315 West 94th Street.
Of those nine items, seven were loans above $5 million totaling $450.5 million. The most recent of the seven was Brack Capital Real Estate which borrowed $110.8 million from Acrefi Cs U, LLC secured by the 237,507-square-foot, one-unit industrial (N2) on 720 West End Avenue on March 12, 2021.

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