Lightstone Group pays $37M for UWS multifamily buildings

The Lightstone Group in two transactions paid $37 million to two companies controlled by Sofia Einy for rental apartment buildings with 80 units at 305-319 West 99th Street on the Upper West Side.

In the first transaction, Lightstone Group through the entity 309 West 99th Street Associates LLC paid Sofia Einy’s Sharon Realty, LLC $18.5 million for 305 West 99th Street in the Upper West Side. The deal closed on May 19, 2020, and was recorded on May 20, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 46 residential units. The property is 48,099 square feet. The parcel(s) have total development potential of 48,099 square feet.
The sale price per unit is $402,174.

The contract date is listed as May 19, 2020, the same day as the closing. The sale was financed with a $10 million purchase money mortgage with Einy as the lender.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $50,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $172,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, the Lightstone Group through the entity 317 West 99th Street Associates LLC paid Sofia Einy’s Dan Company, LLC $18.5 million for 317 West 99th Street in the Upper West Side. The deal closed on May 19, 2020, and was recorded on May 20, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 34 residential units. The property is 47,851 square feet. The parcel(s) have total development potential of 47,851 square feet.
The sale price per unit is $544,118..

The contract date is listed as May 19, 2020, the same day as the closing. The sale was financed with a $10 million purchase money mortgage with Einy as the lender.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link