Mason Asset, Namdar pay $9.8M to Nuveen for UWS retail

Mason Asset Management and Namdar Realty Group through the entity 2300 Broadway Abda LLC paid $9.8 million to Nuveen Real Estate through the entity T-C 2300 Broadway LLC for the retail condo at 225 West 83rd Street in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on February 26, 2025 and was recorded on March 4, 2025. The property has 14,663 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $664 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 December 14, 2011, for $44.7 million. The signatory for Nuveen Real Estate was James Farrar. Nuveen is the real estate asset manager for TIAA. The signatory for Mason Asset Management and Namdar Realty Group was Elliot Nassim , Jonathan Abda, and Igal Namdar . The contract date was November 21, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mason Asset Management purchased one property in one transaction for a total of $40.5 million and has no record it sold any properties over the past 24 months.
The seller Nuveen Real Estate purchased 80 properties in two transactions for a total of $69.1 million and sold two properties in two transactions for a total of $214.5 million over the same time period.

The property

The retail condo in Upper West Side has 14,663 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 14,663 square feet. The city-designated market value for the property in 2022 is $19.6 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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 8th highest in Manhattan. For development, Upper West Side has 2.7 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 208,426 square feet of the 325,287 square feet. The largest owner is 233 West 83 Owner Llc, followed by Leeds Associates and then Waterbridge Capital.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 325,287 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Nuveen Real Estate owned at least 72 commercial properties with 5,698 residential units in New York City with 5,573,885 square feet and a city-determined market value of $558.5 million. (Market value is typically about 50% of actual value.) The portfolio has $134.1 million in debt, borrowed from Nuveen Real Estate. Within the portfolio, the bulk, or 85 percent of the 5,573,885 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 69 percent of the built space, is in Bronx, with Brooklyn next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 76 commercial properties with 971 residential units in New York City with 1,920,420 square feet and a city-determined market value of $410.4 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 38 percent of the 1,920,420 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
The PincusCo database currently indicates that Mason Asset Management owned at least one commercial property in New York City with 181,021 square feet and a city-determined market value of $49.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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