Montreal-based Mesdav Properties pays $7M for 16-unit walkup in Midtown West

Montreal-based Mesdav Properties through the entity 211 W 58 NYC L.P. paid $7 million to Beethoven Pianos through the entity 232 Realty 3 Corp. for the 16-unit residential walkup building (C7) at 211 West 58th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on May 8, 2025 and was recorded on May 16, 2025. The property has 9,270 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $755.
The seller bought the property on August 28, 2013, for $8.7 million. The signatory for Beethoven Pianos was Kai Demler. The signatory for Mesdav Properties was David Ederhy . The contract date was October 14, 2024. Mesdav Properties is a real estate investment company based in Montreal.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mesdav Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Beethoven Pianos 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 includes Kai Demler, head officer and Markku Ripatti, site manager. The business entity is 232 Realty 3 Corp. The 9,270-square-foot property generated revenue of $593,651 or $64 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Midtown West has 9,270 square feet of built space and 15,838 square feet of additional air rights for a total buildable of 25,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is C5-1 which allows for up to 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 $2.8 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 one DOB violation, $625 in ECB penalties, and $625 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 387,428 square feet of the 403,148 square feet. The identified owner is Korein Family.
On the tax block, there was one new building construction project filed totaling 472,465 square feet. It is a 118-unit, 472,465 square-foot residential (R-2) building submitted by David Greenbaum|Barry Langer|Steven Roth|Thomas Sanelli and filed by Eli Zamek with plans filed January 16, 2014 and permitted March 5, 2014.

The majority, or 96 percent of the 403,148 square feet of built space are elevator buildings, with walkup buildings next occupying 2 percent of the space.

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