Mordehy “Moti” Haber pays $7.5M to Jack Avid Steven Oved for residential walkup in Upper West Side

Mordehy “Moti” Haber through the entity Dny1 150 Manhattan LLC paid $7.5 million to Jack Avid and Steven Oved through the entity Aro 150 Realty LLC for 17-unit residential walkup building at 150 Manhattan Avenue in Upper West Side, Manhattan.
The deal closed on April 12, 2022 and was recorded on April 27, 2022.

The property has 11,305 square feet of built space and 3,885 square feet of additional air rights for a total buildable of 15,188 square feet according to PincusCo analysis of city data. The sale price per built square foot is $663 and the price per buildable square foot is $493 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 Jack Avid and Steven Oved was Steven Oved. The signatory for Mordehy “Moti” Haber was David R. Mashaal. Mordehy “Moti” Haber is identified in the loan documents as a recipient of information for the borrower. Haber often invests with Dore Friedman. Steven Oved and Jack Avid (signatory on a prior loan) invest together in Florida. Traded NY reported the brokers and the sale but not the parties. Conrad Martin, Braedon Gait, Teddy Galligan, Paul Smadbeck and Hall Oster of JLL

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Steven Oved, head officer and Aaron Hoffman, agent. The business entity is Aro 150 Realty Llc. The 11,305-square-foot property generated revenue of $407,242 or $36 per square foot, according to the most recent income and expense figures.

The property

The 150 Manhattan Avenue parcel has frontage of 101 feet and is 25 feet deep with a total lot size of 2,523 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $350 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 $5 million on this tax lot.

The neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 24 commercial properties representing 270,328 square feet of the 488,389 square feet. The largest owner is FBE Limited, followed by Algin Management and then Metropolitan Realty Group. There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 590,246 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.

Surrounding

Within a 400-foot radius of 150 Manhattan Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 26, 2020 for the $500,000 renovation of a residential R-3 building with one residential units at 140 Manhattan Avenue.
One of those eight items was a sale which Black Spruce Management bought the 16,308-square-foot, 24-unit rental (D1) on 165 Manhattan Avenue and one other property for $21 million from Orbach Group on November 4, 2021.
Of those eight items, six were loans above $5 million totaling $153.8 million. The most recent of the six was Black Spruce Management which borrowed $20.3 million from Signature Bank secured by the 16,308-square-foot, 24-unit rental (D1) on 165 Manhattan Avenue and one other property on November 4, 2021.

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