MB Capital Assets pays $3.5M for 9-unit rental in Upper West Side

MB Capital Assets through the entity 8 West 87 Associates LLC paid $3.5 million to James Robert Siegel through the entity 8 West 87th Street Associates, LLC for the nine-unit rental (C5) at 8 West 87th Street in Upper West Side, Manhattan.
The deal closed on October 12, 2021 and was recorded on October 25, 2021.
The property has 6,746 square feet of built space and 13,386 square feet of additional air rights for a total buildable of 20,130 square feet according to PincusCo analysis of city data. The sale price per built square foot is $522 and the price per buildable square foot is $175 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 James Robert Siegel was James Robert Siegel. The signatory for MB Capital Assets was Hertzl Moezinia.

Hertzl Moezinia is president and chief executive officer of MB Capital Assets.

The former owners according to the Department of Housing Preservation and Development included Rachel Tarasoff, head officer and James Siegel, officer. The business entity was 8 West 87th Street Associates, LLC.

Within a 400-foot radius of 8 West 87th Street, PincusCo identified seven real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $735,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $615,700. The most recent of these two items was the temporary certificate of occupancy on February 18, 2020 for an R-3 building with one residential unit at 41 West 87th Street.
Of those seven items, two were sales above $5 million totaling $24.5 million. The most recent of the two was Douglas Hodge and Kylie Schuyler which bought the 5,860-square-foot, four-unit four-family building (C3) on 5 West 87th Street for $7.6 million from Kevin Wolf and Pam Wolf on June 3, 2021.
Of those seven items, three were loans above $5 million totaling $266.0 million. The most recent of the three was Clipper Equity which borrowed $139 million from New York Community Bank secured by the 141,498-square-foot, 155-unit rental (D7) on 21 West 86th Street and one other property on October 6, 2021.

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