Morris Schreiber’s Schreiber Properties pays $90M to BlackRock for 133-unit UWS rental

Schreiber Properties and Morris Schreiber through the entity 98 Riverside Co. LLC paid $90 million to BlackRock through the entity 98 Riverside Drive, LLC for 133-unit residential elevator building at 98 Riverside Drive in Upper West Side, Manhattan.
The deal closed on May 9, 2022 and was recorded on May 25, 2022. The property has 198,375 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $453 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 BlackRock was Debra Mistretta. The signatory for Schreiber Properties was Morris Schreiber.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Schreiber Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BlackRock had not purchased any other properties and sold three properties in three transactions for a total of $144.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Kent, head officer and Jaime Romano, site manager. The business entities are Pinnacle City Living and 98 Riverside Drive Llc.

The property

The 98 Riverside Drive parcel has frontage of 109 feet and is 161 feet deep with a total lot size of 14,250 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension I. The city-designated market value for the property in 2022 is $26.2 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 32 housing violations 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 10 of the 24 commercial properties representing 161,084 square feet of the 780,805 square feet. The largest owner is Calhoun School, followed by Eugenio Presta and then Horizon Group. There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 1.5 million square feet of built space are residential elevator buildings, with hotel buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Morris Schreiber has a portfolio of more than 70 buildings and more than 3,000 residential units.

Surrounding

Within a 400-foot radius of 98 Riverside Drive, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Gmen Acquisition Company LLC bought the 8,434-square-foot, one-unit industrial (W9) on 86 Riverside Drive for $7.3 million from Sino-American Amity Fund on September 13, 2021.
Of those three items, two were loans above $5 million totaling $42.5 million. The most recent of the two was Michael Carlos which borrowed $10 million from First Republic Bank secured by the 8,434-square-foot, one-unit industrial (W9) on 86 Riverside Drive on September 17, 2021.

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