The Lightstone Group through the entity West 92nd Street Associates LLC paid $60 million to Irene Bogoni and Paul Bogoni through the entity Roxborough Apartments Corp. for the 86-unit residential elevator building at 2481 Broadway in Upper West Side, Manhattan.
This purchase add to Lightstone’s 2.5 million portfolio, according to PincusCo calculations of the firm’s portfolio.
The deal closed on March 2, 2022 and was recorded on March 8, 2022. The property has 132,975 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $451 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 Irene Bogoni and Paul Bogoni was Irene Bogoni. The signatory for Lightstone Group was Joseph E. Teichman. The Bogonis own at least one other property, 945 West End Avenue, a 47-unit elevator building at the corner of 106th Street. Lightstone has a large 2.5 million square foot diverse portfolio with at least 37 properties that have more than 2,000 residential units. The portfolio has concentrations in Bronx and Manhattan elevator buildings, as well as Manhattan hotels and several projects currently under construction.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Lightstone Group purchased three properties in three transactions for a total of $65.5 million and sold two properties in two transactions for a total of $96.3 million over the past 24 months.
The seller Irene Bogoni 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 included Paul Bogoni, head officer and Irene Bogoni, officer. The business entity was Roxborough Apts Corp.
The 2481 Broadway parcel has frontage of 107 feet and is 125 feet deep with a total lot size of 13,250 square feet. The lot is irregular. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.2 million. The property has a city-determined energy rating of 49 out of 100.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received three DOB violations, $15,000 in ECB penalties, 138 housing violations, $15,100 in OATH penalties, and one housing litigation in the last year.
For the tax block buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 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 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of four of the 36 commercial properties representing 422,020 square feet of the 779,683 square feet. The largest owner is Acuity Capital Partners, followed by Stellar Management and then Norman Chung. There is one active new building construction project totaling 48,935 square feet. It is a 20-unit, 48,935-square-foot R-2 building developed by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019.
The majority, or 74 percent of the 1.1 million square feet of built space are residential elevator buildings, with hotel buildings next occupying 25 percent of the space.
Within a 400-foot radius of 2481 Broadway, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
One of those eight items was a sale which Gibraltar Management Company bought the 5,279-square-foot, 11-unit rental (C5) on 257 West 91st Street for $5.3 million from Ronald Cherney on January 3, 2022.
Of those eight items, seven were loans above $5 million totaling $521.1 million. The most recent of the seven was Adam America Real Estate which borrowed $100 million from Axos Bank secured by the 0-square-foot, 45-unit rental (D7) on 2503 Broadway on February 9, 2021.
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