MOVCAP pays $7.5M to Gerald Musano for two UWS walkups

MOVCAP through the entity W 109 Property Owner LLC paid $7.5 million to Gerald Musano through the entity 170 W 109 Associates LLC for 15-unit residential walkup building (C4) at 170 West 109th Street in Upper West Side, Manhattan and 15-unit residential walkup building (C4) at 172 West 109th Street in Upper West Side, Manhattan.
The deal closed on September 22, 2022 and was recorded on October 7, 2022. The two properties have 19,500 square feet of built space and 706 square feet of additional air rights for a total buildable of 20,184 square feet according to PincusCo analysis of city data. The sale price per built square foot is $384 and the price per buildable square foot is $371 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 Gerald Musano was Gerald Musano. The signatory for MOVCAP was Lawrence Movtady.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 170 West 109th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer MOVCAP had purchased one other property for $13.2 million and has no record it sold any properties over the past 24 months.
The seller Gerald Musano 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 Edwina Musano, head officer and David Kohn, officer. The business entity is 170 West 109 Associates, Llc. The two properties with a total of 19,500 square feet of built space generated revenue of $582,232 per year or $30 per square foot. The sale price per square foot was $385.

The property

The 170 West 109th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,523 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received two housing violations and $2,650 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 block

On the tax block of 170 West 109th Street, PincusCo has identified the owners of 17 of the 23 commercial properties representing 279,395 square feet of the 544,231 square feet. The largest owner is Black Spruce Management, followed by Metropolitan Realty Group and then Manhattan Valley Development Corp..
On the tax block, there was one new building construction project filed totaling 148,948 square feet. It is a 232-unit, 148,948-square-foot R-2 building developed by Stephanie Green with plans filed October 13, 2017 and permitted April 29, 2019.

the majority, or 51 percent of the 544,231 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

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