Margaret Chian Gao pays $7.3M to Sackman Enterprises for 10-unit UWS walkup

Margaret Chian Gao through the entity Lilac Bay Properties LLC paid $7.3 million to Sackman Enterprises through the entity Cowrie Realty, LLC for the 10-unit residential walkup building (C1) at 251 West 76th Street in Upper West Side, Manhattan.
The deal closed on July 6, 2023 and was recorded on July 27, 2023. The property has 5,695 square feet of built space and 2,056 square feet of additional air rights for a total buildable of 7,760 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,285 and the price per buildable square foot is $943 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 seller bought the property on May 30, 2007, for $3.7 million. The signatory for Sackman Enterprises was Allyson Sackman Nick. The signatory for Margaret Chian Gao was Margaret Chian Gao. The contract date was May 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Margaret Chian Gao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sackman Enterprises had not purchased any other properties and sold three properties in three transactions for a total of $24 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Barbara Sackman, head officer and Allyson Sackman, officer. The business entities are Sackman Enterprises Inc and Cowrie Realty, Llc.

The property

The residential walkup building with 10 residential units in Upper West Side has 5,695 square feet of built space and 2,056 square feet of additional air rights for a total buildable of 7,760 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 102 feet deep with a total lot size of 1,940 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District. The city-designated market value for the property in 2022 is $3.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 1, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 167,802 square feet of the 562,036 square feet. The largest owner is Triumph Real Estate Management, followed by Theresa Veltri and then Sharon L Gustafson-Florescue.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 562,036 square feet of built space are hotel buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Sackman Enterprises owned at least 38 commercial properties with 594 residential units in New York City with 506,950 square feet and a city-determined market value of $155.6 million. (Market value is typically about 50% of actual value.) The portfolio has $84.8 million in debt, with top three lenders as First Republic Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 50 percent of the 506,950 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. They are all located in Manhattan.

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